Recently-launched business bank Allica Bank has confirmed the appointment of Richard Davies as chief executive, effective from 24 August.
Davies brings a wealth of banking and fintech experience to Allica Bank, having spent the last 20 years supporting British businesses on behalf of some of the UK’s largest banks and fastest growing financial companies.
Davies joins Allica Bank from Revolut, where 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.
Prior to that, Davies held senior roles with TSB, HSBC, OakNorth Bank, and Barclays. In 2013-14, as the first chief executive of OakNorth, Richard developed the business model, technology, and successful regulatory licence application.
Davies replaces outgoing chief executive, Mark Stephens, who recently signalled his intention to retire from executive roles, following a career spanning more than 40 years in UK business banking.
Davies will continue to work with Revolut in a non-executive advisory capacity for their European business.
Commenting on his appointment, Davies said: “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.
“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: “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.”
Allica was granted a banking licence in September 2019 and is geared towards SME financing across the UK.
In June, Allica Bank said it was poised to unveil an asset finance division later in the year and appointed Richard Cameron to head it up. Cameron was previously with RBS for over three years as head of asset finance products and has nearly 30 years’ experience working in financial services.