Banking group chairman to step down

Vanquis Banking Group announced today that chair Patrick Snowball will to step down this year.

Snowball has chaired the Bradford-based group, formerly Provident Financial, since 2018.

Senior independent director Andrea Blance will lead the search for a new chair, conducted by the group’s nominations committee with the support of an executive search firm. Snowball will remain as chair until his successor has been appointed and to support the transition to the group’s new chief executive, Ian McLaughlin, who starts in July.

In a statement to the London Stock Exchange, the group said Snowball has been instrumental in leading the board through its transformation from a consumer finance company to a specialist banking group; a strengthening of the board, including the appointment of a new CEO; and the implementation of a new culture which puts customers at the heart of everything.

Snowball said, “Vanquis Banking Group is strategically and financially stronger than it was when I became chairman in 2018. With a successful strategy in place, the transformation to a specialist banking group complete, and a new CEO appointed, I am very confident in the group’s future and feel now is the right time to hand over the chair’s baton, with this year’s AGM being my last. I am very proud of everything we have achieved at the Group, and I would like to thank the Board, the management team, and colleagues who have supported me and worked very hard to deliver for our customers, their communities, and our shareholders.”

Blance said, “On behalf of Vanquis Banking Group, and the board, I would like to thank Patrick for his leadership, guidance, and wisdom. As chairman Patrick has ensured the group took the right approach to get us where we are today – a strong, growing, specialist banking group, with a culture focused on the customer, which helps people who are not well served by traditional lenders to borrow responsibly.”