Revolut hires JPMorgan’s Kuba Fast to lead EU banking arm

Revolut has appointed JPMorgan Chase executive Kuba Fast as chief executive of Revolut Bank UAB, putting him in charge of the UK digital bank’s European banking expansion, according to Finextra. The hire comes as Revolut shifts to a dual-hub structure in the European Union, using both its Lithuanian banking arm and a newly created French entity.

Fast was responsible for establishing Chase UK, JPMorgan Chase’s British banking venture, Finextra reported. At Revolut, he succeeds Joe Heneghan, who has been promoted to chief executive of Revolut Holdings Europe, where he will oversee the company’s European activities.

The management changes place Fast at the head of Revolut Bank UAB, the Lithuanian banking entity that has been central to Revolut’s EU operations. Revolut will also use its French entity to attract and serve customers in Western Europe, according to Finextra.

Dual-hub structure

Revolut’s revised operating model reduces its reliance on a single EU banking base. Under the structure described by Finextra, the company will continue to use Revolut Bank UAB while adding France as a second hub for consumers in Western Europe.

For a digital bank operating across borders, the choice of legal and regulatory entities determines where customer relationships are booked, how supervisors interact with the business and how operational responsibilities are distributed. Finextra reported that Revolut’s use of a French entity is also intended to reduce regulatory concentration risk, meaning the company would not depend only on its Lithuanian banking arm for its EU banking activity.

The change does not remove the role of Lithuania in Revolut’s European banking business. Instead, the model adds another centre within the EU for part of the company’s consumer banking operations, according to Finextra.

Executive transition

Fast said, according to Finextra, that his career has focused on building digital banking businesses and that Revolut’s ambition to create a global bank was a key attraction of the role.

He also said Europe had the talent, regulation, markets and entrepreneurs needed to support a financial institution with global scale. Fast said Revolut would work with regulators, invest in trust and resilience, and build products aimed at improving everyday banking for consumers, Finextra reported.

Heneghan’s move to Revolut Holdings Europe gives him oversight of the group’s European operations at holding-company level, while Fast takes direct responsibility for the bank entity and its expansion agenda. The appointments align Revolut’s leadership structure with its broader plan to operate through more than one EU hub.

This story draws on original reporting from Finextra Research.