13 March 2024 , 10:20
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Starling Bank has appointed Raman Bhatia, the boss of Ovo, as its new chief executive after Anne Boden stepped down from the role last year.
Mr Bhatia will take over from John Mountain, who became interim chief executive in May. Bhatia is currently the boss of Bristol-based energy supplier Ovo and previously led HSBC's retail and wealth management businesses in Europe.
Ovo was hit by the UK's energy crisis, which was made worse by Russia's invasion of Ukraine in 2022. Starling said Bhatia is the ideal leader for the digital bank because of his experience in consumer tech and fintech.
"We see significant opportunities for Starling under Raman's leadership as the economy stabilises," said Starling's chair David Sproul. The bank hopes to attract more personal and small business customers in the UK and grow its banking software business internationally.
Mr Bhatia is expected to start work in early summer, once regulators have approved his appointment. Ms Boden announced she was stepping down as Starling's chief executive in May, having founded the digital bank in 2014.
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She said it was "in the bank's best interests" to separate her role as chief executive and as a large shareholder. The move followed the bank revealing a pre-tax profit of £195 million for the year to the end of March 2023, six times more than the previous year.
Ms Boden said: "I am pleased that in Raman we have found someone who can take Starling into its next phase of growth while cherishing the culture and values we have worked so hard to instil in everything we do."
Mr Bhatia said: "Starling is a company I have long admired because it believes passionately, like I do, in using the power of technology to do the right thing for its customers and its people."