The Bank of London has appointed its third CEO in as many months, as a new ownership team led by Mangrove Capital Partners takes control.
The real-time clearing, payments, and settlement bank has been steering through choppy waters following the departure of its founder and initial CEO Anthony Watson and the furore over a winding up order by UK tax authorities over unpaid bills.
After days of unsettling events and concerns over its governance structure, the clearing bank startup was rescued by a £42 million injection in fresh capital in a founding round led by Mangrove Capital Partners, bringing its total investment in the business to £60 million.
In seizing conttrol of the business, Mangrove has moved to put its own team in place, replacing Watson's successor Stephen Bell with new chief executive Christopher Horne, formerly of Credit Suisse.
Horne was the CEO of Credit Suisse’s UK subsidiaries, managing $2 billion in revenues and handling regulatory issues.
Catherine Brown, chair of The Bank of London’s UK Board, comments: “Christopher’s appointment reflects our commitment to building a leadership team that embodies excellence and vision. His wealth of experience will be instrumental in driving operational excellence and positioning the bank as a leader in the financial services sector.”