He joins from Revolut, where he led the group’s global banking proposition, including establishing new leadership teams and operations in Ireland, the US, Australia and Singapore, launching its bank in Europe, and progressing its plans in the UK.

He has also held senior roles with TSB, HSBC, OakNorth Bank and Barclays.

Richard will replace current CEO, Mark Stephens, on 24th August — subject to regulatory approval — and is tasked with leading the bank to become a major force in serving UK businesses.

He will continue to work with Revolut in a non-executive advisory capacity for its European business.

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Richard Davies, CEO elect at Allica Bank, 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.” 

John Maltby, chairman at Allica Bank, added: “As a respected leader and innovator of business banking and fintech, Richard’s appointment is testament to Allica Bank’s progress, since securing our banking licence in September 2019.

“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.”