Why Deep-Pocketed American Moguls Are Backing Metro Bank’s Hill

by Richard Partington,  Bloomberg

Vernon Hill moved to London from the U.S. to create the “Apple of banking.” He has gathered some very wealthy American backers along the way.

Ken Moelis, Richard LeFrak, Steven A. Cohen and Bruce Toll are some of the property and finance tycoons Hill said have invested in Metro Bank, which aims to shake up U.K. banking with branches open seven days a week, free coin counting and dog treats.

Hill, 69, wants the five-year-old lender he chairs to become bigger than Commerce Bancorp Inc., the New Jersey-based firm he started with one outlet in 1973 that was sold to Toronto-Dominion Bank 34 years later for $8.5 billion. To pursue his vision, he’s taking the same approach he did in the U.S. — including hiring his wife to design the branches, a practice he was ordered to stop Stateside.  Read the entire story.

 

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