Metro Bank chairman Vernon Hill to step down

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Metro Bank has announced that its controversial chairman and founder Vernon Hill is leaving the embattled lender.

The bank said in July that Mr Hill would be stepping down as chairman but would stay on as both a non-executive director and president.

However, Metro Bank now said he will leave by 31 December.

Last week, the company was forced to abandon plans to raise £250m, sending its shares crashing to a record low.

The bank has been under pressure since it revealed a £900m accounting error at the beginning of the year.

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