its operations, but new unsecured personal lending would be funded by the bank's deposits, not through peer-to-peer. In February 2021, Metro Bank bought RateSetter's entire portfolio of loans, valued at £384m. In February 2021, Metro Bank completed the £3.04 billion sale of a residential mortgage portfolio to NatWest. The deal was agreed upon in December 2020. Management Founder Vernon Hill received the Institute of Economic Affairs' Free Enterprise Award in April 2013. The organisation cited him as "a remarkable entrepreneur who has identified a clear opportunity and entered the UK banking scene at a time when the sector has been under constant fire". Craig Donaldson, the chief executive officer, started his career on the Barclays graduate scheme in 1995. Later he worked for the Royal Bank of Scotland where he met Hill. Together they decided to set up a UK equivalent to Commerce Bancorp, and this idea grew into Metro Bank. In 2015, Sir Michael Snyder joined Metro Bank's board with a view to developing Metro Bank's small business lending operations. In October 2019, Hill stood down as chairman. He was replaced by Sir Michael Snyder who was appointed Interim Chairman. Donaldson stepped down as CEO in December 2019, and was replaced by Daniel Frumkin from February 2020. Senior leadership Chairman: Robert Sharpe (since November 2020) Chief Executive: Dan Frumkin (since February 2020) Former chairmen Anthony Thomson (2010–2012) Vernon Hill (2013–2019) Former chief executives Craig Donaldson (2010–2019) References External links Banks based in the City of London Banks established in 2010 Companies based in the London Borough of Camden Reuben Brothers British companies established in 2010