Provident Financial Group to change its name to Vanquis Banking Group as new CEO is appointed
Provident Financial Group has revealed it is changing its name to Vanquis Banking Group as it appoints a new chief executive.
Provident Financial has revealed that, having led the transformation of the business into a specialist banking group, Malcolm Le May has decided to step down as chief executive officer (CEO). The group has announced the appointment of Ian McLaughlin as CEO and executive director, subject to regulatory approval.
In a statement, Provident said: “The group has decided to change its name to Vanquis Banking Group plc to better reflect the group’s mix of lending products today and its repositioning as a specialist banking group focused on lower risk customers, as illustrated by the group’s current average credit risk more than halving since 2019.”
"The group demonstrated strong momentum across its loan books during the fourth quarter of 2022.