 | |
| Company type | Public |
|---|---|
| LSE: VANQ | |
| Industry | Financial services |
| Founded | 1880 |
| Headquarters | Bradford, England, UK |
| Products | Credit cards Savings accounts Online loans Consumer car finance |
| Revenue |  £458.5 million (2024)[1] |
| £(136.3) million (2024)[1] | |
| £(119.3) million (2024)[1] | |
| Total assets |  £3,375.3 million (2024)[1] |
| Total equity | £441.2 million (2024)[1] |
| Website | www |
Vanquis Banking Group, formerlyProvident Financial plc, is a British bank headquartered inBradford, England which specialises in credit cards, loans and consumer vehicle finance. It primarily services customers with asub-prime credit history who have been declined for credit from mainstream lenders.[2] It also offers fixed-rate and notice savings accounts under the trading name Vanquis Savings.[3] It is listed on theLondon Stock Exchange.
The company was established inBradford in 1880 by Joshua Kelley Waddilove to provide affordable credit to families inWest Yorkshire as the Provident Clothing and Supply Company.[4][5] The Company was first listed on theLondon Stock Exchange in 1962.[6]
Provident Financial were one of the first financial institutions to enter into estate agency in the UK,[7] establishing Whitegate Estate Agency in two cities 1978, and by the end of the year was operating in eight Yorkshire towns.[8] The chain grew to 19 branches by the end of 1979,[9] 22 branches by the end of 1980[10] and 23 branches by the end of 1982.[11] Innovations brought to the market place included seven day opening, computerised mailing lists, a "No Sale – No Fee" guarantee and an all include fixed fee.[12] By late 1985 there were 60 branches of the chain,[13] expanding with a move into the East Midlands in 1986 to 70 branches (the 10 in the East Midlands were acquisitions which had trade during 1986 under their former names.[14] As the chain reached its 10th anniversary towards the end of 1987, the chain totaled 95 branches of which 17 were franchised,[15] rising to 107 branches (27 franchised) by the end of the following year.[16] The chain was sold for £19 million[17] in December 1989 toLegal & General.[18]
In 2002, Provident Financial formed Vanquis Bank, with a full banking licence from the FSA, a consumer credit licence with theOffice of Fair Trading and a licence fromVisa International to operate and issue credit cards under the Visa brand. Vanquis Bank specialised in credit cards.[19]
In 2005, Provident Financial closed its Yes Car Credit business, which had sold second-hand vehicles to customers with problematic credit histories.[20] The company had been subject to bad publicity, including a TV investigation into its selling practices, pressurisation of staff, unreliable vehicles and debt collection methods.[21] In 2007, it demerged its international business, and a new separate public company was formed calledInternational Personal Finance.[22] This company then held all of Provident Financial's ex-non-UK operations, with the exception of Ireland. It also sold the motor insurance business.[23]
In 2013, Provident Financial launched its online short-term loanSatsuma Loans.[24]
In 2014, Moneybarn was acquired by Provident Financial plc, joining the home credit and online credit businesses and Vanquis Bank to become the third leg of the group.[25]
TheCentral Bank of Ireland in late 2014 fined and reprimanded Provident Financial for flagrant breaches of the regulatory requirements aimed at protecting Irish consumers.[26] The fivewhistleblowers who reported the law breaking were then sacked by Provident, which led to the matter being raised inDáil Éireann.[27]
On 22 August 2017, Provident Financial lost two-thirds of its stock value in a day, following its secondprofit warning in two months, the replacement of its chief executive byManjit Wolstenholme, cancellation of a shareholder dividend and a warning that the full-year dividend might also be cancelled, and the announcement of an investigation by theFinancial Conduct Authority.[28][29] The share price, which had been £32 in April 2017, was £8.50 by the first week of October 2017.[30]
In March 2021, Provident Financial announced it intended to introduce a scheme of arrangement, under which £50 million would be set aside for compensation payments for unresolved claims made before 17 December 2020.[31]
In December 2021, Provident Financial's doorstep lending business was placed into a managed orderly run-off. The business was closed down on 31 December 2021.[32]
In January 2023, it was announced that the company would be rebranded from "Provident Financial" to "Vanquis Banking Group".[33] It changed its name accordingly on 2 March 2023.[34]
In 2023, the firm acquiredfinancial technology company Snoop, which provides abudget management application.[35]
In 2011, Vanquis Bank was criticised for offering repayment option plans to their credit card customers, a form of insurance some consumer sites referred to as the 'newpayment protection insurance (PPI)'.[36] In 2012, the company was the subject of an episode of the BBC documentary seriesPanorama, which alleged that the company were breachingOffice of Fair Trading guidelines by offering loans to vulnerable people who might not have understood the implications of the contracts they were entering into. The company were criticised by theCitizen's Advice Bureau, whose chief executive toldPanorama, "I call into question...the motivation to keep exploiting people who clearly can't be held responsible for their own decisions in that situation."[37]
In 2018, Vanquis Bank was fined £2 million for failing to properly disclose charges on one of its popular repayment plans.[38] Vanquis was also forced to pay £169 million back in compensation to its customers.[39]
On 8 September 2025 the UK Office of Financial Sanctions Implementation ("OFSI") issued a report concerning a breach of financial sanctions regulations by Vanquis Bank due to financial transactions with a designated person. The bank voluntarily declared it and was not fined.[40]
The main activity is the credit card business, Vanquis Bank,[41] which was set up by Provident Financial in 2002.[42] The customer services department moved to a new call centre in part of what used to be theNaval Dockyards atChatham in 2008.[43] Vanquis Bank offer a range of cards depending on the credit circumstances of the applicant.[44]
In 2009 Vanquis rebranded, launched new credit cards and won the Credit Provider of the Year at the Credit Today Awards.[45] In 2011, a further call centre was opened inBradford, and a high-yield bond product was authorised by the FSA.[46] Vanquis also began to operate in Poland using EU bank passporting rights in 2012.[47]
In July 2024 the bank was forced to announce £40 million of write-downs and issued warnings over capital ratio targets.[48]