Bank of London appoints former Credit Suisse boss as chief executive
Embattled fintech ‘unicorn’ the Bank of London has appointed the former UK boss of Credit Suisse as chief executive today, as it looks to recover from a string of setbacks and the sudden exit of its founder last year.
In a statement, the digital clearing bank said Christopher Horne, who previously headed the failed Swiss lender’s UK subsidiaries, would take over as chief executive after approvals from the City regulator.
“This is a unique opportunity to redefine what a bank can be — resilient, innovative, and aligned with the evolving needs of our clients and stakeholders,” Horne said in a statement. “Together with the talented team at [Bank of London], I look forward to building a future that inspires trust and delivers lasting value.”
Horne’s appointment “highlights the bank’s commitment to innovation, governance, and long-term growth”, the Bank of London said, adding that he would guide the firm “into its next phase of growth and transformation”.
The hire marks the latest in a series of corrective steps taken by the firm after it was plunged in turmoil last year following the exit of founder, Anthony Watson.
Days after Watson’s exit, Morning Wire revealed the company had been hit with a winding up petition from HMRC over an unpaid tax bill, which it later settled. Days later, investor Mangrove Capital led a £42m capital injection into the bank.
Mangrove has since taken the reins of a turnaround effort and has appointed a number of new figures to its board. High-profile names including Peter Mandelson and Carlyle Group chief executive, Harvey Schwarz, also left the board in October.
Commenting on Horne’s appointment today, Catherine Brown, chair of the firm’s UK Board, said the appointment “reflects our commitment to building a leadership team that embodies excellence and vision”.
“His wealth of experience will be instrumental in driving operational excellence and positioning the bank as a leader in the financial services sector,” she added.
The Bank of London was only the second such clearing bank to win regulatory approval in the UK in 250 years and has been valued at over £1bn in funding rounds.