Bank of London replaces chair as it continues to recover from setbacks

The Bank of London has announced the appointment of four new directors to its UK bank board, as well as a change in chairmanship, as it seeks to recover from recent setbacks.

The fintech start-up, which has been under intense scrutiny due to governance and financial issues, revealed on Thursday that Catherine Brown, a director at Metro Bank, will replace David Skillen as UK chair as part of an investor-led restructuring, as reported by City AM.

This is the latest leadership reshuffle at the clearing bank, following the resignation of four board members from its holding company in October, including Labour stalwart Peter Mandelson and former Goldman Sachs executive Harvey Schwartz. "These appointments underscore The Bank of London’s focus on strong governance and measured growth, and its ongoing dedication to serving its clients and stakeholders with integrity and care," the company stated on Thursday.

"By strengthening its board with these senior financial professionals, the bank is laying the foundations for the next stage in its development."

The bank praised Brown's "extensive financial services board leadership experience". Her current roles include a directorship at insurance firm QBE, and she previously held positions as group strategy director at Lloyds and executive director of HR at the Bank of England.

Skillen joined The Bank of London in 2021, having formerly served as chief operating officer for global retail banking at Barclays between 2009 and 2013.

In recent developments, Simon Walker, a former partner at KPMG, has been appointed as the chair of the bank’s board risk committee. His extensive experience includes his current role as chair of the risk committee at FTSE 250 lender OneSavings Bank and a position on the board of The Bureau of Investigative Journalists.

Monique Melis is set to make a return to The Bank of London, having previously stepped down as a director during the summer – she was one of two non-executive directors to resign between May and July. Melis brings with her a wealth of experience from her 19 years at financial advisory firm Kroll, where she currently leads the financial services compliance and regulation division.

Additionally, Mark Carawan, an existing board member and former Citigroup executive, has agreed to continue in his capacity as chair of The Bank of London’s audit committee, a role he took up in 2022.

The Bank of London has attracted scrutiny following reports by City AM in September that HMRC filed a winding-up petition against its holding company just two days after founder Anthony Watson stepped down as chief executive. Watson transitioned to a "senior adviser" role and left the holding company’s board in October.

It was revealed in September that the fintech, which he launched in 2021 with a valuation of $1.1 billion, sought an "immediate" cash injection from investors in July to satisfy regulatory capital requirements. The bank subsequently secured £42 million in funding in August, in a round led by Mangrove Capital, whose CEO Mark Tluszcz also serves on The Bank of London’s holding company board.

Following the capital increase, the bank initiated a new wave of job cuts, including executive positions, as part of a restructuring demanded by investors. Tluszcz stated on Thursday that the new appointments "demonstrate the commitment we, and the other investors that form the Mangrove-led new ownership group, have made to The Bank of London".

"They underscore the priority we place on strong governance and oversight," he added. This year alone, The Bank of London has seen the departure of its chief technology officer, chief operating officer, chief information security officer, and head of compliance and money laundering reporting.

Watson, an ex-Barclays executive and LGBT advocate, established The Bank of London as a global clearing, agency and transaction bank for business clients. The bank, which onboarded its first client last April, claims to hold over £800m in deposits.