Starling Bank has named António Simões, the former chief executive of HSBC Europe, as its new chair, succeeding David Sproul who stepped down after five years in the role. The appointment comes as the digital lender continues to expand its services and navigate a challenging economic environment.
New chair's background
Simões, 49, brings extensive experience in banking and financial services. He spent 25 years at HSBC, rising to become CEO of HSBC Europe and later leading HSBC's global wealth and personal banking division. He also served as a non-executive director at the London Stock Exchange Group and is currently a senior adviser at Boston Consulting Group.
According to Starling's announcement, Simões will take up the role immediately. He replaces David Sproul, who had been chair since 2019 and oversaw the bank's transition from a startup to a fully licensed bank with over 4 million customers.
Starling's recent performance
Starling Bank reported its first full-year profit in 2023, posting a pre-tax profit of £301 million, compared to a loss of £57 million the previous year. The bank has grown its loan book to over £5 billion and deposits to more than £11 billion. However, like many fintechs, it faces headwinds from rising interest rates and increased competition.
Anne Boden, Starling's founder and CEO, said: "António's deep experience in banking and his track record of leading large-scale transformations will be invaluable as we continue to grow and innovate. We are delighted to welcome him to the board."
Strategic implications
Simões's appointment signals Starling's ambition to expand further into corporate banking and potentially explore international markets. His experience at HSBC, particularly in Europe, could help the bank navigate regulatory complexities and build relationships with larger corporate clients.
"I am excited to join Starling at such a pivotal time," Simões said. "The bank has built a strong foundation and a loyal customer base. I look forward to working with the team to build on this success and drive the next phase of growth."
The change in leadership comes as Starling is reportedly considering an initial public offering, although no formal timeline has been announced. The bank has raised over £1.1 billion in funding to date and is valued at around £2.5 billion.
