Mr Kapur will join the Board and start as chief financial officer on 1 April 2020.

Mr Kapur is the group chief financial officer of Secure Trust Bank plc, a UK retail and SME bank. He has a strong retail banking background, including consumer finance and savings products expertise. His appointment follows a thorough process conducted by the Nomination Committee with the assistance of a leading executive search firm.

He was also previously employed as the senior finance manager for RBS in Edinburgh from 2001-2003 from which he was then appointed as head of manufacturing finance operations.

Mr Kapur said: “I am delighted to be joining Provident Financial as its new chief finance officer. I look forward to working with Malcolm and the board as we enact Provident Financial’s social purpose of lending responsibly to the underserved, execute its strategy and deliver sustainable returns to its shareholders.”

Malcolm Le May, chief executive officer, Provident Financial, added: “I am very much looking forward to Neeraj Kapur joining Provident Financial as chief finance officer. He has deep retail banking, consumer finance and savings experience and expertise, and will be an excellent addition to the senior leadership team as we continue to re-establish Provident Financial as the market-leading sub-prime lender.”