As per recent announcement made by London based digital banking service provider Revolut, the firm is planning to appoint UK based industry Martin Gilbert as its new Chairman. This appointment will make Gilbert, Revolut’s first ever chairman since the firm was founded four years ago. According to a report published in financial times website, this move by the banking service provider could be viewed as an attempt to strengthen the firm’s governance in a bid to improve investor sentiment especially since it has a fundraising event planned in near future. Gilbert’s appointment to Revolut will bring the firm which has so far engaged in modern and disruptive business practices, the wisdom of an executive who has institutional experience handling traditional finance business. The report lacks the information on when exactly Gilbert will join the bank but articles found online hint that he will become member of Revolut board in few weeks.
As per report in financial times website, he also already been acting as an unofficial advisor for the firm having assisted the firm’s CEO Nikolay Storonsky for few months now. As per information in his LinkedIn profile, he is currently working at Standard Life Aberdeen PLC one of UK’s major investment firms for nearly two and a half years. He joined the firm as its Chief Executive Officer back in August 2017 and is currently serving in the role of Vice Chairman which he took up back in March 2019. Gilbert is an industry veteran with more than 30 years of experience under his belt. Gilbert founded Aberdeen Asset management back in January of 1983 and has since held the role of its Chief Executive Officer and Co-Founder.
The firm went on to merge with Standard Life back in August 2017 after having remained in the market for more than three successful decades becoming the largest asset management firm in UK and also emerging as one of world’s largest ever investment company. While he will take up the role of Chairman at Revolut, he is still expected to retain his role of Vice Chairman at Standard Life Aberdeen and will also remain as a senior independent director for Glencore at same time. Revolut which started catering to clients as a mobile app based business which focused on travel money has since grown into a fully fledged digital banking service provider with full banking license in Eurozone and close to 6 million clients currently. The firm is currently valued at $1.7 Billion as per data published during fund raising event last year and is expected to raise yet another $500 Million in upcoming fund raising event.
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