The Bank of London, a fintech 'unicorn' facing challenges, has today appointed the former º£½ÇÊÓƵ head of Credit Suisse, Christopher Horne, as its new CEO.
This move comes as the bank seeks to recover from a series of setbacks and the abrupt departure of its founder last year, as reported by .
The digital clearing bank announced that Horne, who previously led the unsuccessful Swiss lender's º£½ÇÊÓƵ subsidiaries, would assume the role of CEO pending approval from the City regulator. "This is a unique opportunity to redefine what a bank can be — resilient, innovative, and aligned with the evolving needs of our clients and stakeholders," said Horne in a statement.
"Together with the talented team at [Bank of London], I look forward to building a future that inspires trust and delivers lasting value."
The Bank of London stated that Horne's appointment "highlights the bank’s commitment to innovation, governance, and long-term growth", adding that he would steer the company "into its next phase of growth and transformation". This recruitment marks the latest in a series of remedial actions taken by the firm after it was thrown into chaos last year following the exit of founder Anthony Watson.
Days after Watson’s departure, City AM disclosed that the company had been served with a winding-up petition from HMRC over an unpaid tax bill, which it later settled. Shortly thereafter, investor Mangrove Capital spearheaded a £42m capital injection into the bank.
Mangrove has since spearheaded a turnaround effort, appointing several new members to its board. High-profile figures including Peter Mandelson and Carlyle Group CEO, Harvey Schwarz, exited the board in October.
Catherine Brown, chair of the firm’s º£½ÇÊÓƵ Board, commented on Horne’s appointment today, stating it "reflects our commitment to building a leadership team that embodies excellence and vision". She added: "His wealth of experience will be instrumental in driving operational excellence and positioning the bank as a leader in the financial services sector."
The Bank of London is only the second clearing bank to receive regulatory approval in the º£½ÇÊÓƵ in 250 years and has been valued at over £1bn in funding rounds.
