Anil, who was drafted in five years ago to put the bank on an even footing and push for profitability, surprisingly stepped down in October to make way for former Google and Standard Chartered executive Diana Layfield.
The FT is now reporting that he was pushed out over disagreements about where and when the company should IPO, as well as international expansion plans.
Anil wanted to go to market earlier and was planning to step down immediately after the IPO.
But directors at the bank reportedly wanted wanted more time to grow the valuation and expand into more countries.
They were also concerned about Anil’s push for a US listing as opposed to UK and his long term commitment post IPO.
Under his leadership, Anil steered the bank to profitability and a £4.5 billion valuation in October 2024. It was anticipated that the bank would go to market as early as the first half of next year, although the latest reshuffle indicates that the prospect of a public listing has now been put on the back burner.
Related Posts
BIS explores use of data, tech and collaboration to combat money laundering
Using payments data, privacy-enhancing technologies, AI and enhanced cooperation for a behavioural-based analysis approach to detecting money laundering networks is more effective than the current rules-based approach, concludes new research from the BIS Innovation Hub.
Nubank buys Hyperplane to push AI-first strategy
Nubank is doubling down on its AI-first strategy with the acquisition of Silicon Valley-based data intelligence outfit Hyperplane for an undisclosed fee.
Deutsche Bank creates ESG centre in Singapore
Deutsche Bank is setting up an environmental, social and governance (ESG) centre of excellence in Singapore.
Alibaba backtracks on cloud division split amid global uncertainties
Alibaba Group has cancelled its plans to spin-off its cloud division due to uncertainties from US exports on AI chips.