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UK PRA reduces Vanquis Banking's total capital requirement

8th Mar 2023 10:52

(Alliance News) - Vanquis Banking Group PLC on Wednesday said the UK Prudential Regulation Authority reduced its total capital requirement to 11.9% from 18.3%.

The Bradford, England-based banking group said, including current regulatory combined buffers of 2.5%, this translated to an overall capital requirement cut to 15.4% from 21.8%.

It comes after the UK PRA concluded its capital supervisory review and evaluation process of Vanquis's capital requirement, based on its internal capital adequacy assessment process undertaken during 2022.

Vanquis said the reduction in capital requirements will support its focus on organic loan book growth.

This was further supported by the receipt of a large limit waiver from the UK PRA in November, Vanquis said, providing access to retail deposit funding for its vehicle finance business.

On Thursday last week, Vanquis changed its name from Provident Financial PLC, after announcing said plan in January. It said the name reflected its new and future mix of lending products and its repositioning as a specialist banking group.

The name change also came after Vanquis was promoted to the FTSE 250 index, effective March 20.

Vanquis will post its annual results on March 31, when it will also provide a further update on its capital management framework, it said on Wednesday.

Shares in Vanquis were down 0.1% to 221.08 pence each in London on Wednesday morning.

By Greg Rosenvinge, Alliance News reporter

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