- Provident Financial Group said it had appointed Malcolm Le May as its new chief executive following a months-long selection process.

Le May was hired as director of the company in 2014 and assumed the role of interim executive chairman in November, following the death of Manjit Wolstenholme,

Previously, he was co-head of banking for Barclays in New York and had also served as head of investment banking in Europe for UBS.

'My key objective is to execute a turnaround of the group,' Le May said.

'We will re-establish a stronger customer focused business; conclude with our regulators the issues surrounding Vanquis Bank and Moneybarn; continue the progress being made in our Home Credit business and restore it as the pre-eminent business in its market; and ensure our businesses collaborate for the benefit of our customers and our shareholders.'

The company also announced some other staff changes, including the appointment of Vanquis Bank head Chris Sweeney as deputy CEO.

Stuart Sinclar, meanwhile, had been appointed as interim chairman while the board searched for a new external permanent chairman. Two extra non-executive directors would also be appointed, the company said.

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