Chris Sweeney stepping down from Provident's Vanquis Bank

Provident Financial announced on Thursday that the managing director of its credit card subsidiary Vanquis Bank, Chris Sweeney, was stepping down from his role and the Vanquis board, effective immediately.

The FTSE 250 lender said Sweeney would remain employed by Provident until the end of April, and assist with an orderly transition.

Malcolm Le May, chief executive officer of Provident Financial, would become managing director of Vanquis Bank on an interim basis, with the search for Sweeney's successor having already commenced.

The Vanquis Bank board said Sweeney had grown the business year-on-year, and played a key role in settling the Financial Conduct Authority investigation into the repayment option plan (ROP).

It said that, now with the ROP refund programme fully underway and expected to be “substantially completed” in early 2019, it was an appropriate time to put in place new leadership to drive forward Vanquis Bank's “customer-centric” business model in 2019 and beyond.

“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,” said Malcolm Le May.

“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 added that it had been a “pleasure” leading Vanquis Bank.

“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.”