Starling Bank CEO Raman Bhatia reportedly prepares to step down

Starling Bank CEO Raman Bhatia is reportedly preparing to step down, two years after taking the role in March 2024. The Financial Times, citing three people familiar with the matter, reported that Bhatia has told the board he no longer wants to run the UK digital bank and that directors have stepped up succession planning.

The prospective departure has not been confirmed. Starling declined to comment to the Financial Times, and the reporting does not establish an exit date, whether the board has accepted a resignation, or who might succeed Bhatia.

Is Starling Bank CEO Raman Bhatia leaving?

The evidence supports a report of a possible departure, rather than a completed exit. The Financial Times said Bhatia is preparing to stand down; The Banker and Finextra also reported the account as originating with the Financial Times.

Bhatia joined Starling after leading energy company Ovo. He had previously run HSBC’s digital bank for its UK and European retail banking and wealth-management business, according to Finextra.

Starling’s results show weaker income but a larger customer base

The leadership uncertainty comes after a mixed FY26. In results published in May for the year ended March 31, Starling reported group revenue of £887.4 million, down from £940.0 million a year earlier. Profit before tax fell to £217.1 million from £223.4 million, although the company recorded its fifth consecutive profitable year.

Platform accounts rose to 6.2 million from 5.3 million, while customer deposits increased to £12.7 billion from £12.1 billion. The Financial Times reported that revenue and pre-tax profit were affected by lower Bank of England base rates, which weighed on interest income.

Starling said regulatory restrictions moderated its ability to grow its UK customer base during FY26. The Financial Times reported that restrictions imposed in 2021 over financial-crime controls prevented the bank from opening accounts for high-risk customers. The Financial Conduct Authority later fined Starling £29 million, according to the FT. Bhatia said in May that the bank was in the process of exiting those restrictions.

What is Engine by Starling?

Engine by Starling is the group’s software-as-a-service platform, which lets other lenders build digital banking operations. It is regarded as important to Starling’s future growth, the Financial Times reported.

Starling said Engine revenue rose 25% in FY26 and its client base doubled. The company also reported £70 million in committed annual recurring revenue for the platform and said it had signed a 10-year agreement with Tangerine, a Scotiabank subsidiary, as well as an agreement with New Zealand’s SBS Bank.

The immediate question for Starling is whether Bhatia’s reported plans result in a confirmed transition. For now, the bank has not publicly set out a timetable or named an interim or permanent successor.

This story draws on original reporting from Sifted.