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BREAKING NEWS

Troubled Metro Bank bolsters board ahead of crunch results

Troubled Metro Bank bolsters board ahead of crunch results
FILE PHOTO: Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay -
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Hannah McKay(Reuters)
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LONDON (Reuters) – Struggling British lender Metro Bank <MTRO.L> has hired a senior banker to its board as it seeks to restore investor confidence ahead of crunch results later on Wednesday, months after a major accounting error hammered its share price.

Metro Bank said former Bank of Ireland executive Michael Torpey would join as a non-executive director on September 1.

Investors are looking for further signs of a boardroom clear-out when Metro announces half-year results after markets close in London.

Sky News reported on Tuesday that the lender was set to announce it was kicking off a search for a new chairman to succeed co-founder Vernon Hill, citing sources. Metro Bank has declined to comment on the report.

Torpey retired from the position of chief executive of Bank of Ireland’s corporate and treasury division last year.

The bank said it was continuing its search for additional non-executive director candidates and would make further appointments this year.

(Reporting by Iain Withers, editing by Sinead Cruise)

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