Challenger bank Revolut applied for a UK banking license and ex-Standard Chartered chief Richard Holmes is supposed to aid the process.
“His appointment is a vital step in Revolut’s mission to become a UK bank, with Holmes set to hire a fully functioning board for the new entity — including a full-time UK chief executive (CEO).” Sifted reported.
Revolut has had issues with the capability of its compliance systems to manage the 11m customers it now services. Now Revolut it has brought on a series of heavyweights to boost its corporate governance.
The company’s board already consists of Goldman Sach veteran Michael Sherwood and form senior RBS executive Ian Wilson as non-executive directors.
It has also appointed former co-chief executive of Standard Life Aberdeen Martin Gilbert as chairman last November.
More banking licenses will help Revolut to make its growth sustainable – something its investors will want it to achieve over the next few years.
A Revolut spokesperson declined to comment on the nomination but confirmed Holmes was now acting as an advisor to the company. Mr Holmes did not respond to a request for comment to Sifted.