8.6 C
New York
Wednesday, May 31, 2023
Home Challanger banks Revolut nominates Richard Holmes to oversee its UK bank license application

Revolut nominates Richard Holmes to oversee its UK bank license application

Challenger bank Revolut applied for a UK banking license and ex-Standard Chartered chief Richard Holmes is supposed to aid the process.

Read also: Monument, digital bank for the rich, gets UK banking license

“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.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Unveiling the Limits of Bank Disruptors: Analyzing Chime’s Slowdown

This blog explores the Chime slowdown and how it highlights the challenges faced by these emerging financial disruptors.

Unleashing the Power of ChatGPT and Open Banking: A Paradigm Shift in Technology and Finance

In this blog post, we will explore the profound impact of ChatGPT and Open Banking, highlighting their potential and discussing the implications for businesses and individuals alike.

Onyx Private Affluent Bank: Redefining FinTech Excellence for High-Net-Worth Individuals

In this blog post, we will delve into the key features and services offered by Onyx Private Affluent Bank and explore how it is transforming the fintech landscape.

European Banks Collaborate with Bitpanda and Coinbase to Bring Crypto to Customers

By leveraging Bitpanda Technology Solutions, a business-to-business infrastructure layer provider, Coinbase aims to connect directly with banks and fintech companies across Europe.