Provident Financial axes 140-year-old name to rebrand as Vanquis

Provident Financial is ditching its name after more than 140 years as it shakes off its legacy of doorstep lending.

The firm, which specialises in loans for people deemed too risky by normal banks, will be rebranded as Vanquis, the name of its credit card subsidiary, from March. 

It started life in 1880, providing vouchers for families to buy essentials, to be repaid in small instalments.

Known as ‘The Provvy’, it was renowned for calling at homes in poorer areas to arrange cash loans but was criticised over high interest rates.

In 2021 it said it was closing its doorstep lending business after it was dogged by rising complaints and an investigation from the City watchdog.

It now focuses on credit cards, motor finance and personal loans. 

Chief executive Malcolm Le May will leave this summer to be replaced by Ian McLaughlin, chief executive of Bank of Ireland UK. Shares surged by 8.8 per cent, or 19p, to 234.8p.