Vanquis appoints HSBC veteran Dave Watts as new CFO

Vanquis Banking Group announced the appointment of Dave Watts as its new chief financial officer on Wednesday, set to commence in November.

The London-listed firm said the decision remained subject to regulatory endorsement.

It said that with a rich banking background, Watts would bring nearly three decades of experience from HSBC, where he held pivotal CFO roles.

Notably, between 2017 and 2021, he served as the CFO of HSBC UK Bank and played a significant role in developing HSBC's UK non-ring fenced bank.

Currently, Watts occupies the CFO position for HSBC's European operations.

Before his long-standing tenure at HSBC, he earned his stripes as a Chartered Accountant with KPMG and boasts qualifications as a treasurer.

“Dave was the outstanding candidate in our CFO recruitment search process, and I look forward to working with him,” said chief executive officer Ian McLaughlin.

“His direct CFO and UK retail banking experience will be a great asset to the board, the group, and myself, as we move forward and grow the Group as a leading specialist bank.

“I would like to thank Gareth Cronin for acting as interim CFO and helping me immensely since I joined the group as CEO in July.”

The group's interim chief financial officer, Gareth Cronin, who stepped into the role in August, would revert to his primary role as group chief risk officer.

“I am delighted to be joining Vanquis Banking Group as CFO,” Dave Watts commented.

“I look forward to working with Ian and the board as we continue to grow as a specialist banking group, helping customers who find it hard to access mainstream lenders and deliver sustainable returns to our shareholders.”

Reporting by Josh White for Sharecast.com.