Provident Financial to change name and CEO

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The lender, which announced the plans alongside its fourth- quarter update, said new lending in the last four months was strong as people relied on unsecured borrowing to meet expenses during a worsening cost-of-living crisis.

Its credit card business also saw strong demand in the run- up to the festive period, with credit card spend increasing by about 2% year-on-year in the fourth quarter.

Chief Executive Malcolm Le May will step down in the summer and be replace by Bank of Ireland UK chief Ian McLaughlin, said the London-listed company, which will be known as Vanquis Banking Group from March onwards.

“We enter 2023 with a planned new corporate identity… a new secured product strategy with the launch of our second charge mortgage pilot phase and new funding optionality with the approval of the large exposure waiver,” Le May said in a statement.

Second charge mortgages are subsequent and separate loans to original mortgages in place.

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