CivilisedBank has appointed Philip Acton as its new CEO to lead the bank through its build phase towards launch in early 2018.
Phillip – who replaces previous CEO Gordon Dow – is a founding member of CivilisedBank and started his career in retail banking at HSBC in London before working in Hong Kong and Brunei.
He has also served as the chief executive officer of Accès Banque Madagascar, was a member of the team that established Triodos Bank and most recently was the managing director of BHH Associates Ltd.
In total, Philip has over 30 years of experience in banking and microfinance in the UK, Asia and Africa.
Philip said: “I am very excited to be rejoining CivilisedBank at this stage of the bank's development.
“CivilisedBank will cater to the UK SME market in a way that isn't currently offered by the incumbents or online-only banks.
“I'm delighted to be working with the team at such a pivotal time for the bank.”
Under the previous CEO, CivilisedBank was granted authorisation with restriction by the Bank of England.
The branchless digital bank has also agreed terms for a further round of funding from investor Warwick Capital Partners.
Chris Jolly, chairman of CivilisedBank, added: “Warwick Capital Partners [has] been very supportive of CivilisedBank's plans.
“We're pleased that they've taken the opportunity to invest further capital in this funding round.
“We're also delighted that Philip returned to the bank as CEO, pending regulatory approval.
“He has considerable experience of the sector – both with challenger and traditional banks – and it's great to have him at the helm as we move through the build phase.
“We thank Gordon Dow for his commitment and unwavering support over the last two years in helping us fund-raise and secure a banking licence.
“He leaves CivilisedBank with our very best wishes.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Modulr to create over 30 new jobs in Scotland
Modulr has completed its latest funding round led by digital venture builder Blenheim Chalcot, which takes the latter’s total investment in the payments fintech to £10.5m...
Specialist banks answer need for products that ‘reflect the reality of today’s society’
Better service and products are the main reasons why a broker would use a specialist bank, according to the latest poll by Specialist Banking...
Leeds Building Society cuts rate on retirement interest-only mortgage
Leeds Building Society has reduced its five-year fixed rate on its retirement interest-only mortgage...
60% of people want to know where their money is invested
Six out of 10 people (60%) want to know where their money is invested, according to the latest research published by Charity Bank...
Why commercial banks are in danger of being left behind
Harnessing a customer-first, technology-led approach, retail banks are paving the way with innovation...
Aldermore supports Quba Solutions with £10m facility
Aldermore has provided a £10m finance facility to Dorchester-based Quba Solutions...
TSB announces new SME banking leadership team
TSB has revealed its new SME banking leadership team as it prepares to launch its business banking proposition later this year...
Paragon Banking Group expects 25% BTL pipeline growth
Paragon Banking Group has announced that its BTL pipeline at 30th September 2018 is expected to be more than 25% higher than the level reported at the same time last year...
Development Bank of Wales moves into new Wrexham HQ
The Development Bank of Wales has opened its new headquarters in Wrexham at Yale Business Village...
Metro Bank announces opening date for Bristol store
Metro Bank has revealed the opening date for its first Bristol store...
Bremer Bank partners with automated lending platform
Bremer Bank has announced that it will be partnering with Numerated to launch an automated lending platform...