Revolut has appointed Frédéric Oudéa, the previous CEO of France’s Société Générale, as chairman of its Western Europe hub in Paris, because it prepares to use for a banking license within the nation.
The rent highlights Revolut’s aggressive growth and brings a heavyweight from France’s company institution on board.
A spokesperson for the challenger financial institution informed Reuters that Oudéa, who additionally chairs prescribed drugs big Sanofi, provides credibility because the fast-growing agency seeks to scale its companies.
Revolut introduced in Could that it plans to speculate €1 billion over the following three years to develop in France, opening a brand new workplace in Paris for its Western Europe operations.
The corporate, based lower than a decade in the past, has greater than 60 million prospects worldwide however no bodily branches.
It’s presently conducting a share sale that values the enterprise at us$75 billion, up from US$45 billion in August 2024.
Revolut gained a banking license with restrictions within the UK in 2024, after a three-year course of, and expects to begin working as a UK financial institution this 12 months.
It additionally holds a Lithuanian banking license, which can be utilized as a passport to function throughout the European Union.
A spokesperson beforehand informed Reuters that getting a second EU banking license would enable Revolut to construct nearer relationships with regulators and supply companies higher tailor-made to its prospects in France.
The corporate can be reportedly contemplating buying a US lender to achieve a license within the US, although a spokesperson declined to remark.
Oudéa shouldn’t be the primary banking government to maneuver to a challenger financial institution.
In August, German on-line financial institution N26 appointed former Bundesbank government board member Andreas Dombret as chair of its supervisory board.
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