Revolut COO Richard Davies leaves to join Allica bank as its new CEO

New business bank Allica Bank has named Richard Davies as its CEO. He joins after having served a year as COO of challenger bank Revolut.

At Revolut he led the group’s global banking proposition, including establishing new leadership teams and operations in Ireland, US, Australia, and Singapore; launching Revolut’s bank in Europe; and progressing Revolut’s plans in the UK.

He has previously held senior roles with TSB, HSBC, OakNorth Bank, and Barclays. Between 2013 and 2014, he was also the first CEO of OakNorth, where he developed the business model, technology, and successful regulatory licence application for OakNorth Bank.

Davies replaces outgoing CEO Mark Stephens, who recently signalled his intention to retire from executive roles. Davies will take up his role on August 24.

“The world as we know it is changing fast and it’s the companies who can blend innovative technology with real human expertise, who will thrive and add real value for their customers,” Davies said.

“It is for that reason I am delighted to be joining Allica Bank. I strongly believe we have the talent, experience and commitment to support British businesses through these uncertain times.

“Now, perhaps more than ever, is when financial institutions need to step up and be counted on behalf of the customers that need them. In my career I have worked for some of the largest established banks and fastest growing challengers, I am excited to be continuing in that vein as I move from one of the most disruptive fintechs, to the bank that I believe can transform business banking in the UK.”

John Maltby, chairman of Allica Bank, said, “It is with great pleasure that I am able to today announce the appointment of Richard Davies as CEO of Allica Bank. As a respected leader and innovator of business banking and fintech, Richard’s appointment is testament to Allica Bank’s progress, since securing our banking licence in September 2019.

“2020 has certainly been a challenging year for British businesses, and everyone at Allica Bank has worked hard to support companies through these turbulent times. Since our launch, and throughout the Covid-19 period, Allica has continued to provide solutions at pace, resulting in a strong pipeline across the length and breadth of the country.

“Following on from our initial proposition we have launched our fixed and notice savings accounts, with further products to support SMEs set to follow in the coming months. Allica is very well placed to support British businesses now and into the future, with the arrival of Richard adding further weight to our capability to be a leading SME bank.

“We would also like to take this opportunity to place on record our thanks to Mark Stephens for all he has done in the last two years and we wish both him and his family the very best in his retirement.

“In a career spanning more than 40 years, Mark has worked tirelessly to ensure small and medium businesses have access to the products and expertise they need, and this belief has been central to Mark’s approach in building and leading Allica Bank. Mark will continue to support British SMEs and remain involved with the industry in non-executive and advisory roles, in the years ahead.”

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