Tony Bullman, who joined the bank from UBS earlier this year as chief financial officer, takes over from Horne as the fourth CEO in little over a year. Horne joined Bank of London in January after a stint as the CEO of Credit Suisse’s UK subsidiaries. He left last month and now has a part-time directorate role at the clearing bank’s holding company..

The news has been confirmed by the Bank of London in a statement to Finextra: “Having led The Bank of London through a period of stabilisation following the change of ownership, Chris Horne has transitioned from Bank CEO to Non-Executive Director of the Holding Company Board, focusing on the Group’s expansion in Europe and the US, drawing on his fifteen years in M&A advisory. Tony Bullman has been appointed CEO of the Bank to lead the next phase of execution under the new ownership and strategy. The Bank has made good progress across its strategic and operational priorities in recent months, and these leadership changes reflect that progress.” Horne was installed as CEO after Mangrove Capital Partners seized control of the venture, removing Stephen Bell from the top position just months after he replaced founder and initial chief Anthony Watson. Watson left amid a furore over a winding up order by UK tax authorities over unpaid bills at the real-time clearing, payments, and settlement bank. Mangrove then led a £42 million capital injection to rescue the outfit. In May, the bank confirmed that it was under investigation by UK regulators in a move its auditors warned could cast "significant doubt" over its future. That probe is ongoing.

Commenting on the comings and goings, a spokesperson for the Bank of London states: “Having led The Bank of London through a period of stabilisation following the change of ownership, Chris Horne has transitioned from Bank CEO to Non-Executive Director of the Holding Company Board, focusing on the Group’s expansion in Europe and the US, drawing on his fifteen years in M&A advisory. Tony Bullman has been appointed CEO of the Bank to lead the next phase of execution under the new ownership and strategy. The Bank has made good progress across its strategic and operational priorities in recent months, and these leadership changes reflect that progress.”