The Bank of England wants Metro Bank PLC to appoint an industry veteran as its next chairman as the bank is expected to post a loss for the third quarter, The Telegraph reported.

Metro Bank Chairman Vernon Hill, who is also the bank's founder, is leaving in 2020. He will still have a 3.5% stake in the U.K. lender, according to the Oct. 16 report.

Possible candidates that meet the criteria include Allied Irish Banks PLC Chairman Richard Pym, former Co-operative Bank PLC CEO Liam Coleman and former Tesco Personal Finance PLC CEO Benny Higgins, The Telegraph noted.

Ian Gordon, an analyst covering banks at Investec, is expecting Metro Bank to post a third-quarter loss of £7.6 million, the report said.