Revolut’s CEO in Talks to Get Martin Gilbert on Board

(Bloomberg) -- Revolut Ltd.’s chief executive officer said the digital bank is in talks with Martin Gilbert, vice chairman of Standard Life Aberdeen Ltd., about joining the board.

Gilbert worked with Nikolay Storonsky, CEO and co-founder of Revolut, for more than half-a-year, and the two are discussing the possibility of Gilbert joining the board, he said in an interview with Bloomberg Television on Thursday.

“Martin worked with myself as an adviser for more than half-a-year and yes, potentially there are talks that he might join our board as well,” Storonsky said. “They’re still ongoing.”

It is not clear if Gilbert will leave Standard Life or remain vice chairman. A Standard Life spokesman declined to comment. Previously Standard Life said such speculation was “inaccurate”, noting that “if the company had any announcements to make regarding its executive team it would do so via the proper channels.”

Revolut created a series of retail financial services products through its app when it was founded in 2015. It started with a pre-paid debit card that did not charge transaction fees when traveling and has since branched into services such as foreign currency transfers, budgeting tools and cryptocurrency trading.

The company recently obtained its European banking license from the Bank of Lithuania and plans to begin offering checking and savings accounts as well as retail and business lending. It will also offer commission-free equity trading in the U.K. and Europe this year.

Storonsky, a Russian-born physicist and champion swimmer, spent seven years working as an equity derivatives trader at Lehman Brothers and Credit Suisse Group AG before starting Revolut.

Gilbert lost his grip on power at Standard Life when the Edinburgh-based asset manager scrapped the dual-leadership structure that had been in place since the company was created in a 2017 merger. The 64-year-old was made vice chairman earlier this year at the firm as Keith Skeoch became the sole CEO.

He is on the advisory board of Tennor Holding, the investment vehicle of German financier Lars Windhorst, according to a company statement in May. Gilbert is also a senior independent director on the board of commodities trader Glencore Plc.

To contact the reporters on this story: Suzy Waite in London at swaite8@bloomberg.net;Guy Johnson in London at gjohnson87@bloomberg.net

To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, Sree Vidya Bhaktavatsalam, Christian Baumgaertel

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