Sub-prime lender Provident Financial has restructured the board of Vanquis Bank as part of an effort to “substantially align its membership” with the board of PFG.
Provident Financial said on Thursday that the restructuring was “an important step” in the execution of its specialist bank strategy, which includes the wider use of retail deposit funding across the group from the first half of 2022.
The FTSE 250-listed firm believes that streamlining the boards of the two legal entities in this way will create “a simpler, more efficient group governance structure”, whilst also streamlining and enhancing both PFG and Vanquis’ handling of corporate governance.
As part of the new governance structure, Patrick Snowball, Malcolm Le May, Neeraj Kapur, Andrea Blance, Angela Knight, Paul Hewitt, Graham Lindsay and Margot James were all appointed to the board of Vanquis Bank, with immediate effect.
Vanquis chairman Robert East will step down from the PFG and Vanquis boards, with effect from today, while managing director Neil Chandler and finance director Gary Thompson have decided to leave PFG and will each step down from their roles as directors on the Vanquis board and leave the firm on 31 March following a handover period.
As of 0815 GMT, Provident shares were up 1.65% at 357.0p.
