Starling Bank job adverts hints at looming London listing

Starling Bank has signalled that it is moving closer to a possible flotation after starting a hunt for a senior manager to cultivate its relationship with investors.
This week the digital lender began advertising for a group head of investor relations, a new role intended to help it to prepare for a potential listing on the stock exchange, according to the job description posted online.
The privately owned Starling has long harboured ambitions to go public. Founded a decade ago by Anne Boden, the London-based business is one of a breed of young, online-only banks and financial technology companies, including Revolut and Monzo, that are taking market share from traditional high street lenders.
Results released by Starling two months ago showed it had achieved its third year of annual profits, with higher interest rates driving up its pre-tax earnings by 55 per cent to £301.1 million in the 12 months to the end of March.
Boden, 64, who was the group’s chief executive until last year, consistently maintained that the ultimate destination for the bank was the London stock market. John Mountain, who replaced Boden as interim chief executive, said in June that a potential listing was being “extensively discussed” with shareholders. Its investors include Harald McPike, a secretive Bahamas-based billionaire, Boden and institutions ranging from the Qatar Investment Authority to Fidelity.
A decision on whether, and where, to list is not thought to be imminent, not least because Raman Bhatia, 46, its new chief executive, took charge only recently. Bhatia was poached from Ovo, the energy supplier, where he had been chief executive.
The lender said in the job advertisement that its investor relations head “will be vital in building conviction among the wider investor and analyst community in Starling’s vision and strategy for growth as the group approaches an initial public offering”. The successful candidate ideally will have “direct public markets experience including leading or advising businesses through initial public offerings”.
A flotation in London would be a boost for Britain’s stock market, which has been plagued by worries that other exchanges, including New York and Amsterdam, are more appealing to companies seeking to go public. This prompted the Financial Conduct Authority to rewrite its listing rules this year. In a sign that Starling’s preference is to float in Britain, it said in the job advert that “comprehension of the FCA listing rules and disclosure requirements” was necessary.
A Starling spokeswoman said: “This new role will play a part, among other roles, in supporting the chief executive and chief financial officer with existing investor relationships and will support them in considering the long-term future.”