Mr Hill will remain a non-executive director until 31 December 2019 and he has accepted the honorary position of Emeritus chairman. This honourary title recognises his contribution to Metro Bank over the years.

Sir Michael Snyder has been appointed as interim chairman with immediate effect, subject to regulatory approval until a permanent replacement is appointed.

Sir Michael Snyder said: “The board thanks Vernon for his vision which inspired and created Metro Bank ten years ago. He leaves a lasting legacy of creating fans through exceptional customer service and has revolutionised British banking.”

Vernon Hill added: “I wish all of our fans - Metro Bank’s customers, colleagues and shareholders - every success for the next stage of the journey. As always, the best is yet to come.”