Vernon Hill, chairman of Britain's troubled Metro Bank, steps down

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© Reuters. Vernon Hill, chairman of Britain's troubled Metro Bank, steps down© Reuters. Vernon Hill, chairman of Britain’s troubled Metro Bank, steps down

LONDON (Reuters) – Vernon Hill, the chairman and founder of Britain’s troubled Metro Bank (L:) will step down from the bank’s board and his role by the end of the year, the bank said on Wednesday.

Metro Bank said if the search for a new chairman is not completed by the end of the year, it will appoint existing independent non-executive director as interim chair.

The lender has lost 89% of its share value this year following the disclosure of an accounting error and questions about the viability of its branch-heavy business model in a banking industry increasingly going digital.

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