Provident Financial appoints new finance chief

Analysts have welcomed the news that credit lender Provident Financial has appointed Neeraj Kapur as its new chief finance officer.

Mr Kapur will join the board and start asCFOon April 1

Mr Kapur will join the board and start as CFO on April 1. The Bradford-based firm said current CFO Simon Thomas will step down from the role for personal health reasons following the 2019 preliminary results announcement in 2020.

Mr Kapur is group chief financial officer of Secure Trust Bank, a UK retail and SME bank.

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Provident said he has a strong retail banking background, including consumer finance and savings products expertise. It added that his appointment follows a thorough process conducted by the nomination committee with the assistance of a leading executive search firm.

Analyst Gary Greenwood at Shore Capital said: "We have a high regard for Neeraj, who is currently group CFO of Secure Trust Bank, and view this as an excellent appointment for Provident.

"Consequently, we are equally disappointed to hear that Neeraj will depart Secure Trust Bank, after eight years of service. It has been announced that he will step down from the board with immediate effect, but will remain in the role of group CFO until March 31, in order to assist the group with its full year results preparation."

Provident Financial's chief executive Malcolm Le May said: “I am very much looking forward to Neeraj Kapur joining Provident Financial as chief finance officer.

"He has deep retail banking, consumer finance and savings experience and expertise, and will be an excellent addition to the senior leadership team as we continue to re-establish Provident Financial as the market leading sub-prime lender. Simon has been a great chief finance Officer, and on behalf of the board I would like to thank him for everything he has achieved and wish him all the best for the future.”

Mr Kapur said: “I look forward to working with Malcolm and the board as we enact Provident Financial’s social purpose of lending responsibly to the underserved, execute its strategy and deliver sustainable returns to its shareholders.”