New role for funds veteran

Gilbert confirmed as chairman of digital bank Revolut

Martin Gilbert

Martin Gilbert: linked to job since summer (pic: Terry Murden)

Digital bank Revolut has confirmed the appointment of fund management veteran Martin Gilbert as its chairman.

Mr Gilbert, 64, is leaving his position as deputy chairman of Standard Life Aberdeen, the giant FTSE 100 investment company, next year. He has served as an adviser to Revolut’s chief executive Nikolay Storonsky since March and will take up his new role on 1 January.

Mr Gilbert has been linked to Revolut since the summer, though Standard Life Aberdeen initially played down any suggestion that he would be joining the fintech business. It is understood that remuneration was behind the delay in his appointment.

Gilbert said in a statement: “Revolut is a unique proposition in the digital banking world, and I’m pleased to be joining the board at such an important stage in its development.

“Nik and the team have made great strides towards building the bank of the future, and I’m proud to add my deep experience of board governance and corporate growth to the board as Revolut continues to expand on a global scale.”

He will have to handle a number of issues, including an inquiry over its handling of money laundering and attracting criticism for its internal work culture.

Revolut was launched in 2015 by Mr Storonsky and Vlad Yatsenko, respectively former Credit Suisse and Deutsche Bank investment bankers.

It aims to undercut traditional banks on pricing for foreign exchange purchases, stock trading and money transfers, and has attracted more than eight million customers. 

The bank is hiring 3,500 people to fuel its global expansion plans and is looking to secure an investment of $1.5bn with the help of JPMorgan, according to Sky News.

It has already launched in the United States and Singapore this year and has expanded partnerships with payments firms Visa and Mastercard.

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