PFG.L Regulatory News (PFG)

Chris Sweeney, Managing Director, Vanquis Bank to step down

The Board of Vanquis Bank announces that Chris Sweeney, Managing Director, Vanquis Bank will from today step down from his role and also the Board of Vanquis Bank. Chris will remain employed by Provident Financial Group until the end of April 2019 and assist with an orderly transition.

Malcolm Le May, Chief Executive Officer, Provident Financial plc will become Managing Director of Vanquis Bank on an interim basis. The search for Chris Sweeney's successor has already commenced.

The Board of Vanquis Bank would like to thank Chris for his leadership of Vanquis Bank. He has grown the business year on year and played a key role in settling the Financial Conduct Authority investigation into the Repayment Option Plan (ROP). Now with the ROP refund programme fully underway and expected to be substantially completed in early 2019, it is an appropriate time to put in place new leadership to drive forward Vanquis Bank's customer centric business model in 2019 and beyond, helping customers rebuild their credit scores by responsibly providing them with credit.

Malcolm Le May, Chief Executive Officer, Provident Financial plc said:

"On behalf of the group I would like to thank Chris for his successful management of Vanquis Bank, and for steering it through a period of operational difficulty. Chris has also driven forward the bank's key digitalistion agenda, with over 850,000 customers now on the mobile app, and I wish him all the best for the future."

Chris Sweeney said:

"It's been a pleasure leading Vanquis Bank, and I would like to thank all my colleagues for their support and hard work over the years. The bank has grown year on year since I arrived and importantly evolved to meet the changing needs of our customers. Now though with much accomplished since I've been the bank's Managing Director, it is the right time to move on and take on new challenges."

Inside Information 

This announcement is being disclosed in accordance with the Market Abuse Regulation (EU596/2014) and has been determined to contain inside information in line with the definition therein.

Notes to Editors

1. Provident Financial plc is the leading provider of credit products to those consumers who are not well served by mainstream lenders. The group serves 2.5 million customers and its operations consist of Vanquis Bank, the Consumer Credit Division (CCD) comprising Home Credit and Satsuma, and Moneybarn.

2. Vanquis Bank Limited (Vanquis Bank) is a subsidiary of Provident Financial plc and is the leading provider of credit cards to consumers in the non-standard credit market, promoting financial inclusion by bringing credit cards to people who are typically declined by mainstream credit card providers. Vanquis Bank is authorised by the PRA and regulated by both the PRA and FCA. The independent members of Vanquis Bank Board are; Jonathan Roe, Chair, and Andrew Gosling, Antoni Reczek, and Janet Connor who are non-executive directors.

3. Malcolm Le May was appointed CEO of Provident Financial plc in February 2018. He originally joined the Board in 2014 as an independent non-executive director and senior independent director. Following the sudden death of Executive Chairman, Manjit Wolstenholme, he was appointed as Interim Executive Chairman in November 2017. Previously he was Co-head of banking for Barclays in New York, and helped rebuild its US franchise. He was also head of investment banking, Europe at UBS. At ING Barings, he was global head of broking and investment banking. As deputy CEO at Morley Fund Management (now Aviva Investors) he contributed to it becoming a significant player in UK fund management. He was previously a non-executive director of RSA and a partner at Opus Corporate Finance. He is the senior independent director of IG Group Holdings plc, a non-executive director of Hastings Group Holdings plc, and a trustee of the Grange Festival.

4. Chris Sweeney joined Vanquis Bank in January 2016. Prior to joining Vanquis Bank, Chris was from 2010 the Chief Executive of Personal Banking, International at Standard Bank, and became Group Executive of Card Payment Solutions in January 2013. Between 2001 and 2010 he worked for Barclaycard and Barclays, across the UK, Europe and Africa. Chris has a BSc (Hons) degree in Chemistry from the University of Birmingham and has completed the Advanced Management Programme at Harvard Business School.