London-based Metro Bank has announced the appointment of Barclays veteran Marc Page as its Chief Financial Officer (CFO). This strategic move, subject to regulatory approval, is expected to enhance Metro Bank's financial leadership and support its growth ambitions, positioning the bank as a key player in community banking.
Scheduled to join the bank and its board on September 2, 2024, Page brings a wealth of experience to Metro Bank. Previously serving as managing director and CFO at Kensington Mortgages, he assumed these roles following Barclays' acquisition of the company. Page has an extensive background with Barclays, where he held various key positions since 2017, including U.K. controller, head of group impairment, and managing director of customer and product financials.
Cristina Alba Ochoa has been acting as the interim CFO since January 2024, following James Hopkinson's departure from the position. Ochoa will continue in this role until Page officially assumes the CFO position.
Page's banking career traces back to 2003 when he joined HBOS, later becoming part of Lloyds Banking Group. His tenure at HBOS saw him in several senior positions until 2017. Metro Bank CEO Daniel Frumkin expressed confidence in Page's ability to contribute to the bank's strategy and growth ambitions, emphasizing his leadership skills and experience in retail banking, distribution, and product management.
In a press release, Frumkin stated, "Marc’s experience and leadership skills will help drive our strategy and growth ambitions to be the No. 1 community bank putting our customers and communities center stage." Page, in turn, expressed eagerness about joining Metro Bank and highlighted the bank's strong foundation for sustainable growth, focusing on small- to medium-sized businesses (SMBs), corporate customers, and local businesses with a unique brand of relationship banking.
This appointment comes on the heels of Metro Bank's successful capital-raising efforts, securing $1.1 billion from investors. The move was prompted by a need to fortify the bank's financial position, with its shares experiencing a decline following the announcement of plans to raise approximately $758 million to strengthen its balance sheet. The Bank of England's financial regulator, the Prudential Regulation Authority, issued a statement on October 8, 2023, welcoming Metro Bank's steps to reinforce its capital position.
As Metro Bank navigates these financial developments, the addition of Page to its leadership team underscores a commitment to strategic growth and customer-centric banking, aligning with its vision to be a prominent community bank in the U.K. and beyond.
