Atomis Bank, the financial leader since its launch almost a decade ago, is only months away from the possible flotation of the digital sole lender.

Sky News understands that David McCarthy is to leave the Dublin-based bank after eight years as part of the leadership team.

Shareholders at Atom Bank were notified of the departure of their chair, Bridget Rosewell, last week, and it was reported that the search for a successor was well underway.

Insiders said Andrew Marshall, a senior finance executive at Atom Bank, has been lined up to replace Mr McCarthy.

The financial leader’s change is only significant because Atom Bank is in the process of recruiting investment banks to work on the stock exchange listing next year.

One bank executive said Mr McCarthy had long been tired of dealing with Durham and said there was no alternative after his departure.

News of the change in finance comes days after Sky News revealed the company was close to choosing bankers to work on the listing following the cancellation of talks on a £700m merger involving former trade secretary Donald Trump.

Atom Bank was founded in talks with a special purpose acquisition company (SPAC) by Wilbur Ross, a billionaire Wall Street financier.

The Newcastle-based lender, which has grown more slowly than rival “neobank” Monzo and Starling Bank, has made no secret of its plan to pursue a public listing.

Founded in 2014, Atom Bank has total customer deposits of more than £2.5bn and has announced mortgage completions of over £3bn, but has set ambitious targets to grow those figures in the coming year.

In total, around 500m was held in equity by investors including BBVA bank, Toscafund and the now-dissolved Woodford Investment Management.

In the last year, he drew on the features to become one of the first professors to make a substantial change to the four-day work week.

He said the move, which is a reduction in working hours from 37 to 34 with no impact on salaries, is designed to support the mental and physical well-being of employees, as well as to boost production.

Atoms chief executive Mark Mullen of the bank. Pic: Atom bank

Announcing the £75m funding round which was valued at £435m in February, Mark Mullen, chief executive of Atom Bank, said: “We have achieved several important financial milestones and maintained our excellent reputation with our customers.

“Our customers are now our continuous growth. This capital allows Atom to build on the progress we have made, and to maintain financial solutions for people who want to own their home, grow their business and save for the future.”

“It is also the next fundamental step in our journey towards an IPO.”

Atom Bank declined to comment on Mr McCarthy’s exit.

Leave a Reply

Your email address will not be published.