16th Oct 2015 06:41
LONDON (Alliance News) - Provident Financial PLC on Friday said it has found a new managing director for its Vanquis Bank credit cards division, after Michael Lenora stated his intention to retire in 2016.
The news came as the lender said that all three of its businesses performed well in the third quarter, reinforcing the company's confidence in generating "good-quality growth" in 2015 as a whole.
"I am pleased to report that the group has performed well through the third quarter of the year. Vanquis Bank continues to outperform, and the Consumer Credit division and [vehicle finance provider] Moneybarn are both performing in line with internal plans," Chief Executive Peter Crook said in a statement.
"Credit quality in all three businesses is sound which leaves the group in good shape to deliver further good-quality growth as it enters the important fourth quarter trading period," Crook said.
Michael Lenora, the managing director of Vanquis Bank, has decided to retire in 2016, Provident Financial said, having led the bank since 2007.
Vanquis Bank is a key driver of overall earnings for Provident Financial. The division's pretax profit increased to GBP140.4 million in 2014 from GBP106.1 million the prior year, as group pretax profit increased to GBP224.6 million from GBP182.4 million.
Provident Financial named Chris Sweeney, currently group executive, Cards and Payment Solutions, at South Africa's Standard Bank, as Lenora's successor.
Sweeney will assume leadership of Vanquis Bank from January 1, 2016, with Lenora to retire on June 30 that year.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
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