RBS Reshuffles Digital-Bank Leadership, Former COO Leaves
14 Febbraio 2020 - 5:00PM
Dow Jones News
By Adam Clark
Royal Bank of Scotland Group PLC (RBS.LN) said Friday that the
chief executive of its digital-banking brand Bo will leave, just
months after the service's launch.
The U.K. lender said Mark Bailie, head of Bo and formerly chief
operating officer at the bank, is exiting with immediate effect to
pursue other opportunities.
He will be replaced by Marieke Flament, who already heads RBS's
online-only bank for small businesses, Mettle. She joined the bank
in June, having previously been chief marketing officer and
European managing director for U.S. cryptofinance company
Circle.
Bo was launched in November as a competitor to fast-growing
digital banking services such as Monzo and Revolut, which have
gathered millions of users and valuations in the billions. RBS was
reported to have spent more than 100 million pounds ($130 million)
on its development and aimed for several millions users.
However, its launch was recently marred when the bank had to
reissue around 6,000 cards to customers due to an authentication
problem. RBS faces fierce competition in the U.K.'s digital-banking
sector despite German startup N26's recent decision to withdraw
from the country, with analysts noting that it had struggled to
compete with local rivals.
Mr. Bailie's departure is one of a number of executive exits
under recently appointed CEO Alison Rose, with RBS also saying
Friday that Chief Marketing Officer David Wheldon will retire at
the end of March. The former chief executive and chief financial
officer of RBS's investment-banking unit, NatWest Markets, stepped
down in December. On Friday, Ms. Rose said RBS would continue to
shrink NatWest Markets in a bid to boost returns.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
February 14, 2020 10:45 ET (15:45 GMT)
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