Metro Bank founder Vernon Hill.
Metro Bank founder Vernon Hill.

PREMIUM: Meet Metro Bank founder Vernon Hill – disruptive genius conquering the UK

Metro Bank founder Vernon Hill's entrepreneurial story, told in this half hour chat, is inspirational and instructive.
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LONDON — I first heard about banking genius Vernon Hill during a conversation with the CEO of South Africa's astonishingly successful Capitec Bank. It was over coffee in London when Gerrie Fourie explained that he's unlikely to bring the company's model to the UK because Vernon Hill and Metro Bank beat them to it. That opened an avenue of inquiry which eventually led to meeting Hill when he launched his book at Metro's Wimbledon branch a couple months back. And earlier this week, to an interview in his modest office above Metro's outlet near London's Holburn underground station. When Hill launched Metro Bank in 2010 it was the first new UK retail bank in 150 years. Since then its disruptive approach has generated annualised growth rates exceeding 50% with assets now topping £10bn (R185bn). What makes the London-listed Metro such an interesting investment proposition is that it is replicating a model which Hill applied very successfully in his native USA. As a 26 year old he started Commerce Bank from scratch – selling it 36 years later for a staggering $8.5bn. Hill's entrepreneurial story, told in the half hour chat transcribed below, is inspirational and instructive. Best of all, its core messages are easily applied across any sectors. South Africans will quickly relate to Hill, and the respect is mutual. He reckons of all ethnicities, Saffers rate highest in the entrepreneurial stakes. Judging by the large number who work at Metro Bank, he clearly believes they make pretty useful employees, too. – Alec Hogg

Our conversation started with a question about disruption……    

___STEADY_PAYWALL___

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