Atom Bank’s finance chief since its launch practically a decade in the past is stepping down simply months earlier than a potential flotation of the digital-only lender.
Sky News understands that David McCarthy is to go away the Durham-based financial institution after eight years as a part of its management crew.
Shareholders in Atom Bank had been notified about his departure in a memo from its chair, Bridget Rosewell, final week, and had been informed that the seek for his successor was well-advanced.
Insiders mentioned that Andrew Marshall, a senior finance govt at Atom Bank, was being lined as much as substitute Mr McCarthy.
The change in chief monetary officer is just notable as a result of Atom Bank is within the strategy of appointing funding banks to work on a inventory trade itemizing that may happen subsequent yr.
One financial institution govt mentioned Mr McCarthy had turn into bored with his prolonged commute to Durham, and mentioned there have been no different components behind his departure.
News of the change in finance chief comes days after Sky News revealed that the corporate was near deciding on bankers to work on a list following the cancellation of talks a few £700m merger involving Donald Trump’s former commerce secretary.
Atom Bank had been in talks with a particular objective acquisition firm (SPAC) arrange by Wilbur Ross, the billionaire Wall Street financier.
The Newcastle-based lender, which has grown extra slowly than “neobank” rivals akin to Monzo and Starling Bank, has made no secret of its plans to pursue a public itemizing.
Established in 2014, Atom Bank has complete buyer deposits of greater than £2.5bn and has introduced mortgage completions of over £3bn, however has set bold targets for rising these figures within the coming years.
In complete, it has raised about £500m in fairness from traders together with the Spanish financial institution BBVA, Toscafund and the now-dissolved Woodford Investment Management.
Last yr, it attracted headlines by turning into one of many first substantial employers to change to a four-day week.
It mentioned the transfer, which included a discount in working hours from 37 to 34 with no influence on salaries, was designed to assist staff’ psychological and bodily wellbeing, in addition to to spice up productiveness.
Announcing a £75m funding spherical that valued it at £435m in February, Mark Mullen, the Atom Bank chief govt, says: “We’ve achieved a number of important financial milestones and maintained our excellent reputation with our customers.
“Our traders are actually backing our continued development. This capital will permit Atom to construct on the progress we’ve got made, and to maintain providing monetary options for individuals who wish to personal their very own house, develop their very own companies and save for the longer term.
“It is also a fundamental next step on our journey toward IPO.”
Atom Bank declined to touch upon Mr McCarthy’s exit.
Source: information.sky.com”