Megan Brooks
Metro Bank, the UK's first new high street bank in a century, was founded in 2010 by American businessman Vernon Hill. In 2023, Colombian billionaire Jaime Gilinski Bacal became Metro Bank's controlling shareholder, acquiring around a 53% stake in the business. Bacal, who made his fortune from flipping assets of struggling lenders in Latin America, is now looking to sell his majority stake in the bank.
| Characteristics | Values |
|---|---|
| Founder | Vernon Hill |
| Current Owner | Jaime Gilinski Bacal |
| Current Owner's Nationality | Colombian |
| Current Owner's Net Worth | Second richest person in Colombia |
| Current Owner's Stake | 52.87% to 53% |
| Bank's Location | United Kingdom |
| Bank's Launch Date | 2010 |
| Bank's Current Status | Returned to profit in the second half of 2024 |
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What You'll Learn
- Colombian billionaire Jaime Gilinski Bacal is Metro Bank's majority shareholder
- Bacal owns 52.87% to 53% of Metro Bank
- Bacal's investment in Metro Bank was part of a £925m rescue deal
- Vernon Hill is the founder and former chairman of Metro Bank
- Hill is also the co-founder and former vice-chairman of Metro Bank
Colombian billionaire Jaime Gilinski Bacal is Metro Bank's majority shareholder
Metro Bank is a UK retail bank founded in 2010. It was the first high-street bank to open in the United Kingdom for more than 100 years. The bank was founded by American businessman Vernon W. Hill II, who is also the former chairman of Metro Bank. However, in 2019, the bank was involved in a major accounting scandal, which led to a mini-bank run and forced Hill to resign as chair.
Gilinski is a non-executive director on Metro Bank's board. In June 2025, it was reported that he was considering selling his majority stake in the bank. He has received interest from investors and has been presented with other options, including a deal to grow Metro by merging it with another lender.
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Bacal owns 52.87% to 53% of Metro Bank
Colombian billionaire Jaime Gilinski Bacal is the majority shareholder in Metro Bank, the British lender. Bacal owns 52.87% to 53% of the bank, which he acquired in 2023 as part of a £325 million equity recapitalisation deal.
Bacal is the second richest person in Colombia and made his fortune by flipping the assets of struggling lenders in Latin America. He has been a non-executive director on the Metro Bank board since 2023.
Bacal's acquisition of Metro Bank came at a critical time for the bank, which had been forced to slash costs by cutting staff and reducing its famous seven-day openings. The bank had also faced a string of setbacks, including accounting errors, leadership departures, and delayed regulatory approval for capital relief measures.
Under Bacal's direction, Metro Bank is shifting its business model to focus more on lending to small and medium-size businesses and specialist mortgages. This new strategy positions the bank as an opportunist rather than a rebel in the competitive landscape of British banking.
While Bacal currently owns a majority stake in Metro Bank, he is reportedly open to selling his shares and has received interest from investors. Any potential sale or merger deal would be significant for the bank and could shape its future trajectory.
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Bacal's investment in Metro Bank was part of a £925m rescue deal
Metro Bank is a UK retail bank founded in 2010 by American businessman Vernon W. Hill II. It was the first high-street bank to open in the United Kingdom in over a century and aimed to disrupt the established "big five" banking institutions by focusing on service rather than price. However, Metro Bank has faced challenges in recent years, including an accounting scandal in 2019 and significant losses in share value.
In October 2023, Metro Bank secured a £925 million rescue deal, consisting of £325 million in new capital and £600 million in debt refinancing. As part of this deal, Colombian billionaire Jaime Gilinski Bacal's firm, Spaldy Investments, contributed £102 million to become the bank's controlling shareholder with a 53% stake. Bacal, the second-richest person in Colombia, is known for his business empire's growth and has experience in the banking industry through previous acquisitions of banks in Colombia and abroad.
The rescue deal came after a tumultuous period for Metro Bank, with its shares experiencing sharp declines following the 2019 accounting scandal and the revelation that it was considering raising additional capital. The deal was approved by Metro Bank's shareholders, who voted in favour of the refinancing proposal with strong support.
The investment by Bacal and Spaldy Investments is expected to provide much-needed stability and a new chapter for Metro Bank, which has faced a series of challenges and setbacks in recent years. The bank has a history of financial difficulties, including pre-tax losses exceeding £100 million in the first three years after its launch and a fine of £5.38 million by the Prudential Regulation Authority in 2021 for failing to meet standards related to risk weighting and classification of commercial loans.
With Bacal's investment and the associated debt refinancing, Metro Bank gains access to additional capital and a reduced debt burden, positioning it to recover from its recent struggles and strengthen its position in the competitive UK banking market.
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Vernon Hill is the founder and former chairman of Metro Bank
Prior to founding Metro Bank, Hill had a career in banking and retailing. He founded a real estate firm for McDonald's and worked at a South Jersey bank owned by a local car retailer, where he observed the application of retail principles to banking operations. He also founded, chaired, and served as president and CEO of Commerce Bancorp of Cherry Hill, New Jersey, and was chairman of pet insurance firm Fetch Inc.
In 2013, Hill was awarded the Institute of Economic Affairs' Free Enterprise Award for his work at Metro Bank, with the IEA praising his identification of a clear opportunity in the UK banking sector and his perseverance and imagination. However, in 2019, Metro Bank breached UK regulations, leading to a mini-bank run and Hill's resignation as chairman.
As of 2025, Colombian billionaire Jaime Gilinski Bacal is Metro Bank's majority shareholder with a 52.87-53% stake. Metro Bank has faced challenges in recent years, including accounting errors, leadership changes, and regulatory issues. It has since shifted its business model, aiming for a new mix of loans and specialist mortgages.
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Hill is also the co-founder and former vice-chairman of Metro Bank
Vernon W. Hill II is the co-founder and former vice-chairman of Metro Bank, a UK retail bank with 77 stores and assets of £7.4 billion ($10.6 billion). Hill, an American businessman, founded Metro Bank in 2010, marking the first high-street bank to open in the United Kingdom in over a century. Metro Bank aimed to disrupt the established players in the industry and compete with the "big five" banking institutions that held 85% of the UK market for current accounts at the time.
Hill's business outlook has been influenced by his early encounters with retailing. Before founding Metro Bank, he worked at a South Jersey bank owned by a local car retailer, where he observed the application of retail principles to banking operations. This experience, along with his subsequent work founding a real estate firm for McDonald's, shaped his approach to banking.
As co-founder and vice-chairman of Metro Bank, Hill played a significant role in the bank's operations and strategy. He received recognition for his work, including the Institute of Economic Affairs' Free Enterprise Award in 2013. However, Metro Bank faced challenges during Hill's tenure, including financial losses and regulatory issues. In 2019, a major accounting blunder led to a mini-bank run, resulting in Hill's resignation as chair.
Despite these setbacks, Hill left a lasting impact on Metro Bank and the UK banking sector. His approach to banking, prioritising service over price, challenged the traditional cost-driven model of British banks. Hill's departure from Metro Bank marked a transition point for the institution, as it navigated regulatory issues, leadership changes, and shifts in its business model.
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Frequently asked questions
Colombian billionaire Jaime Gilinski Bacal is the majority shareholder of Metro Bank, owning around 53% of the business.
Vernon W. Hill II, an American businessman, is the founder and former chairman of Metro Bank.
Metro Bank has faced setbacks in recent years, including accounting errors, leadership changes, and regulatory issues. In 2023, Colombian billionaire Jaime Gilinski Bacal acquired a majority stake in the bank as part of a rescue deal. The bank is now shifting its business model and aims to focus more on lending to small and medium-sized businesses.
