Royal Bank Of Scotland (LSE:RBS)
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By Adam Clark
Royal Bank of Scotland Group PLC (RBS.LN) said Friday that the chief executive of its digital-banking brand Bo will leave, just months after the service's launch.
The U.K. lender said Mark Bailie, head of Bo and formerly chief operating officer at the bank, is exiting with immediate effect to pursue other opportunities.
He will be replaced by Marieke Flament, who already heads RBS's online-only bank for small businesses, Mettle. She joined the bank in June, having previously been chief marketing officer and European managing director for U.S. cryptofinance company Circle.
Bo was launched in November as a competitor to fast-growing digital banking services such as Monzo and Revolut, which have gathered millions of users and valuations in the billions. RBS was reported to have spent more than 100 million pounds ($130 million) on its development and aimed for several millions users.
However, its launch was recently marred when the bank had to reissue around 6,000 cards to customers due to an authentication problem. RBS faces fierce competition in the U.K.'s digital-banking sector despite German startup N26's recent decision to withdraw from the country, with analysts noting that it had struggled to compete with local rivals.
Mr. Bailie's departure is one of a number of executive exits under recently appointed CEO Alison Rose, with RBS also saying Friday that Chief Marketing Officer David Wheldon will retire at the end of March. The former chief executive and chief financial officer of RBS's investment-banking unit, NatWest Markets, stepped down in December. On Friday, Ms. Rose said RBS would continue to shrink NatWest Markets in a bid to boost returns.
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(END) Dow Jones Newswires
February 14, 2020 10:45 ET (15:45 GMT)
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