Metro Bank backs TSB to fix IT crisis as challenger bank chairman Vernon Hill survives shareholder vote

Simon English
Vernon Hill has been in the spotlight: Alex Lentati

TSB found sympathy from a perhaps unlikely quarter today, arch-rival Metro Bank.

Chief executive Craig Donaldson said he hoped TSB’s computer crisis is resolved quickly, even though he might expect to pick up business from furious customers looking to move their accounts.

“I wish them well,” he said. “This is not good for the industry, it’s not good for any of us.”

Metro reported a solid first quarter, with loans passing £10 billion. Profit was up 21% at £10 million, and there was an 88,000 increase in customer numbers to 1.3 million.

Metro aims to bust the dominance of the big banks. Donaldson says more and more small firms are switching to it.

The results come a day after it fended off a supposed shareholder revolt about payments to a company owned by the wife of chairman Vernon Hill.

Royal London Asset Management queried the payments but 96% of votes cast were in favour of Hill continuing at the bank he founded.