Online bank Monzo hires financial market veteran as chairman
Gary Hoffman has been appointed chairman of the fast-growing digital bank, sources say
Monzo is Britain’s fastest growing digital bank, having attracted more than 1.3 million customers since launching four years ago
Mr Hoffman, best known for managing nationalised lender Northern Rock for two years after its collapse in the financial crisis, will be named non-executive chairman of Monzo on Wednesday, the source said, speaking on condition of anonymity.
The 58-year-old will replace Denise Kingsmill.
Monzo declined to comment.
The planned appointment was first reported by Sky News.
Earlier in his career, Mr Hoffman held executive roles at banking giant Barclays and is currently non-executive chairman of insurer Hastings and lender Coventry Building Society.
Monzo is Britain’s fastest growing digital bank, having attracted more than 1.3 million customers since launching four years ago.
It was valued at more than £1 billion in a fundraising last year, as a growing number of consumers move from traditional banks to online services.