Metro Bank brings in Barclays executive as new CFO amid major restructuring

Metro Bank has appointed Barclays executive Marc Page as its new chief financial officer as the lender undergoes a major restructuring designed to shore up its balance sheet.

Page is set to take over from interim CFO Cristina Alba Ochoa on 2 September, who herself succeeded James Hopkinson after he stepped down last month.

Page has been a managing director at Barclays overseeing customer and product financials since 2021.

He originally joined the bank in 2017, becoming the CFO of Kensington Mortgages after it was acquired by Barclays last year. Page also holds a non-executive director post at Barclays-owned Clydesdale Financial Services, previously being its CFO.

A banker for two decades, Page has previously held roles at HBOS and Lloyds Banking Group.

Page’s appointment comes after Metro Bank was rescued by a £925m refinancing package first announced last October and overwhelmingly approved by shareholders in November.

The rescue was led by Colombian billionaire Jaime Gilinski Bacal, who took a majority 52.88 per cent stake in the bank and last month appointed himself to the bank’s board.

Page is set to oversee a 20 per cent cut in staff and a potential reduction in opening hours at the branches Metro Bank has built its name on. He will also be tasked with boosting the bank’s share price, which is down 77 per cent over the last year.

Analysts have warned that Metro Bank’s commitment to branches, which are costly and run against the prevailing shift to online banking, could hold back the lender’s transformation.

Page said on Thursday: “I am looking forward to joining Metro Bank. Having strengthened the foundations for future sustainable growth, the bank is well-placed to grow its assets significantly as it focuses on SMEs, corporate customers and local businesses with its special brand of relationship banking.”

Daniel Frumkin, chief executive of Metro Bank, added: “Marc brings deep financial expertise and understanding of the banking sector, including a wealth of knowledge and experience across retail banking, distribution and product management.

“Marc’s experience and leadership skills will help drive our strategy and growth ambitions to be the number one community bank putting our customers and communities centre-stage.”