Starling Bank names Ovo boss as new chief executive
Raman Bhatia will take over as group chief executive following its founder Anne Boden stepping down last year.
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Your support makes all the difference.Starling Bank has appointed the boss of Ovo as its new chief executive, after founder Anne Boden stepped down from the role last year.
Raman Bhatia will take over as group chief executive from John Mountain, who took over on an interim basis in May.
Mr Bhatia is currently the chief executive of Bristol-based energy supplier Ovo, but previously headed up the digital bank for HSBC’s retail and wealth management businesses in Europe.
Ovo was among the energy firms to face challenges around the UK’s energy crisis which was heightened by Russia’s invasion of Ukraine in 2022.
We see significant opportunities for Starling under Raman’s leadership as the economy stabilises
Starling said that Mr Bhatia was an ideal leader for the digital bank, due to his consumer tech and fintech background, and having headed up the digitally-led energy firm through a period of significant change.
“We see significant opportunities for Starling under Raman’s leadership as the economy stabilises,” Starling’s chair David Sproul said.
He added that the bank hopes to win more personal and small business customers in the UK and grow its banking software business internationally.
Mr Bhatia is expected to begin his role in early summer, subject to approval from regulators.
Anne Boden announced she was stepping down as Starling’s chief executive in May, having founded the digital bank in 2014.
She said it was “in the bank’s best interests” to separate her role as chief executive and as a large shareholder.
Ms Boden emphasised that the decision to step aside came from herself and the board and that the financial regulator had not raised any concerns about her position.
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 he was “truly honoured” by the appointment, adding: “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.”