Latest news with #RamanBhatia
Yahoo
27-06-2025
- Business
- Yahoo
Neobank Starling seeks expansion in US
Starling Bank, a UK-based digital banking entity, is vying for the acquisition of a nationally chartered bank as part of US expansion, Bloomberg reported. The publication further noted that the London-headquartered neobank aims to engage US banking specialists this summer to commence the acquisition process. It is focused on identifying potential targets along the East Coast that have roughly $2bn in assets. Details of the acquisition talks remain confidential, and the spokesperson for Starling Bank did not comment on the matter. This initiative follows Starling Bank's step into the US market earlier this year, when it announced the availability of its banking technology stateside and registered a subsidiary in Delaware. It aims to identify a bank whose digital capabilities are ripe for enhancement through the integration of Starling's contemporary banking technology platform, the report said. Starling Bank's move to expand internationally comes after a leadership transition, with Raman Bhatia assuming the role of CEO in the past year, taking over from founder Anne Boden. The bank has also faced regulatory scrutiny, having been fined £29m for shortcomings in its management of high-risk customers. Recently, Starling Bank introduced 'Spending Intelligence', a new AI-powered chatbot, within its mobile app. The chatbot, powered by Gemini, Google's Large Language Model, provides users with insights into their spending habits. It operates on the Google Cloud Platform, which hosts Starling's technological infrastructure. "Neobank Starling seeks expansion in US " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
27-06-2025
- Business
- Finextra
Starling eyeing US bank acquisition
UK challenger bank Starling Bank is reportedly considering the acquisition of a US lender as part of its expansion plans. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. According to Bloomberg, the mobile-only bank is looking to acquire a nationally chartered bank in the US, primarly one on the East coast with at least $2bn in assets. Starling has already began hiring US bankers in preparation. Earlier this year, Starling set up a subsidiary in Delaware in order to sell its Saas infrastructure to mid-tier banks across North America. 'We've been successful in Europe and in Australia, so now is the right time for us to start competing in the exciting North American market,' said Starling CEO Raman Bhatia at the time. The Bloomberg report states that Starling is looking to acquire a bank with outdated tech so that it would benefit from uising Starling's tech platform. Such an acquisition would mirror its banking rival OakNorth which agreed to buy Michigan-based lender Community Unity Bank in March this year.
Mint
21-06-2025
- Business
- Mint
Solar stock to be in focus on Monday after THIS acquisition update. Details here
Servotech Renewable Power System share price will be in focus on Monday after the company announced the acquisition of 27% stake in PV Module manufacturer Rhine Solar Ltd for ₹ 12.15 crore, to strengthen its backward integration capabilities. Solar solutions and EV charger manufacturer Servotech Renewable Power System said that it has officially entered into a definitive agreement to acquire a 27% stake (post-money valuation) in New Delhi-based Rhine Solar. Servotech will acquire 9,50,106 equity shares of Rhine Solar, constituting a 27% stake in the company, at ₹ 127.88 per share, aggregating to ₹ 12,14,99,555.28. Rhine Solar deals in Solar Panels, Solar Lamps, Solar Lights, Solar Cooker, solar home light, solar street light, solar geyser, solar water irrigation system throughout India. The company reported a turnover of ₹ 82.41 crore in FY25, and ₹ 60.01 crore in FY24. The indicative time period for completion of the acquisition is 90 days. This crucial investment propels Servotech directly into the heart of the PV module manufacturing industry, Servotech Renewable Power System said. Currently, Rhine Solar boasts the manufacturing capacity of 100 MW, and the plan is to significantly escalate this capacity, aiming for an impressive 600 MW by next year, it added. 'This acquisition is a major leap forward for us as we move toward becoming a fully integrated solar solutions provider. We've now officially stepped into PV module manufacturing, and this is only the beginning. A key focus will be on producing advanced N-type TOPCon 12 busbar panels, which are not only more efficient but also in high demand in both domestic and global markets due to their superior performance and durability,' said Raman Bhatia, Managing Director of Servotech Renewable Power System. Servotech Renewable share price has gained 9% in one month, but the solar stock has fallen 18% in the past six months. The small-cap stock is down 17% on a year-to-date (YTD) basis, and has risen 62% in one year period. On Friday, Servotech Renewable share price ended 3.23% higher at ₹ 138.79 apiece on the NSE. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
FF News
02-06-2025
- Business
- FF News
Starling Reports Strong Revenue and Invests for Growth
Starling Group today published its financial results for the twelve months ending 31 March 2025 (FY25), showing strong growth in revenue, customer numbers and deposits. This performance positions the Group well as it prepares to launch new retail and SME banking propositions, announce more international Engine by Starling clients, and create more than a thousand jobs. FY25 Highlights: Revenue rose to £714 million, up from £682 million the previous year, demonstrating a continued robust performance across all business lines. Customer deposits reached a record £12.1 billion, up from £11.0 billion the previous year, demonstrating growing confidence in the bank and its services. Open accounts reached a new high of 4.6 million, a 10% increase from 4.2 million in the prior year, indicating continued customer acquisition success. Profit before tax decreased to £223 million as the Group recognised one-off costs relating to two legacy matters. Underlying profit before tax was £281million. The Group's capital surplus has grown by 40% to over £400 million. Raman Bhatia, Group Chief Executive, said: 'These results represent an important milestone, marking the Group's fourth consecutive year of profitability and revenue growth. This performance derives from our commitment to providing customers with innovative banking solutions and exceptional service. We are particularly pleased with Starling Bank's success in attracting new customers, as evidenced by the continued growth in our deposit base and open accounts.' 'In the last year we demonstrated our commitment to addressing legacy matters, investing in our people and capabilities so we now move forward from a position of strength. We will leverage our robust capital position to continue to scale our growth in the UK by helping our customers become better with money. We will also make great strides in turning Engine by Starling into a global success.' Declan Ferguson, Group Chief Financial Officer, added: 'The Group generated an underlying profit before tax of £281 million. Our revised capital requirements were communicated in April, taking our total surplus capital to more than £400 million in excess of our buffers; a 40% increase on last year. In the coming months, we'll be deploying this capital across Starling Bank, Engine and other international ventures to fuel our growth.' Group company contributions During the year, Starling Bank continued to innovate with new features, such as 'call status indicators,' which help customers spot bank impersonation scams, and low balance warnings when a customer's main balance drops below a pre-set threshold. The bank also launched its Easy Saver, which offers a competitive interest rate payable on balances up to £1 million, with penalty-free access and full integration into the Starling app. Engine's first Software-as-a-Service clients, Salt Bank in Romania and AMP Bank in Australia, launched their digital banking platforms during the year, contributing £8.7m (2024: £2.3m) to the Group's fee income. Engine is building a strong pipeline that could see it achieve recurring revenues in excess of £100 million in the short to medium term. Fleet, the Group's buy-to-let mortgage company, continues to be a successful acquisition. Fleet's lending grew by 33%, or £0.8 billion, reaching £3 billion. Mortgages grew to represent 90% of total gross lending, reflecting the Group's focus on a secured lending growth strategy. We continue our mission to be the lender of choice in the specialist buy-to-let market. Overall, net fees and commissions, including fees from Engine, grew by 12% year-on-year to £94.8 million, underscoring the Group's strategy of diversifying its sources of revenue and reducing its dependency on net interest income. Regulatory update As reported in October, the bank settled a £29.0 million fine from the FCA relating to the onboarding of certain high-risk customers in contravention of agreed restrictions and sanctions screening processes. Through extensive investment in resources and expertise relating to financial crime, Starling Bank has an established risk management and control framework that will support a new phase of safe, sustainable growth. The bank also recognised a £28.2 million provision related to the voluntary removal of the government guarantee on a limited number of loans issued under the Bounce Back Loan Scheme (BBLS), which the bank determined may not comply with the guarantee requirement. This proactive step further evidences Starling's commitment to addressing legacy matters.
Yahoo
01-06-2025
- Business
- Yahoo
Starling pays out fivefold bonus sum despite FCA fine and Covid loan errors
Starling Bank has handed its staff an almost fivefold increase in bonus pay despite an embarrassing regulatory fine and losses on government-backed Covid loans that the digital lender has blamed on its own weak controls. The digital-only challenger bank paid out £24.6m in bonuses for the 2024-25 financial year, compared with £5.3m a year earlier. Starling's annual report showed the bank's remuneration committee approved a £600,000 bonus for its highest-paid director – believed to be the chief executive, Raman Bhatia – taking their total pay packet to £1.7m. It paid another £5.4m in bonuses to Starling's board members. The increase in the overall bonus pot – which paid out in both cash and shares – followed a difficult year for Starling, which was blighted by embarrassing revelations about the bank's internal controls. The bank reported last week it was taking a £28m loss on its Covid-era bounce back loans (BBLs) after conceding it had lent money to some businesses without proper checks. This meant the loans were unlikely to qualify for the 100% government guarantee, which would have meant taxpayers footed the bill. Starling was fined £29m by the Financial Conduct Authority in Octoberafter the watchdog discovered 'shockingly lax' financial crime controls at the bank. The FCA said Starling, which emerged in the mid-2010s, had 'left the financial system wide open to criminals and those subject to sanctions'. The fine and loan losses ate into the bank's annual profits, which tumbled 25% to £223m for the year to the end of March. Starling said the latest bonus pot did not take either the FCA fine or the Covid loan losses into account, given that they were 'legacy issues' that did not reflect the staff's recent performance. 'It is important to note that the scheme reflects performance over the past 12 months, which includes the effective management of legacy matters, progress against key regulatory programmes, and the group's broader commercial performance,' a spokesperson said. They added that a larger number of staff were taking part in its bonus schemes, which included a long-term incentive plan that was paid out in Starling shares. Bhatia told journalists last week that the bank might consider cutting or clawing back pay from executives over the FCA fine and Covid loan issue. 'We have discharged our duties to consider any impact on [remuneration] where appropriate. I can't share any further details,' Bhatia said. It was not clear whether that could impact Starling's founder and former chief executive, Anne Boden, who stepped down in 2023 citing a 'conflict of interest' between being a boss and a large shareholder in the bank. Bhatia took the helm midway through 2024. Sign in to access your portfolio
