Former HSBC Executive Dave Watts Joins Vanquis as CFO

Vanquis Banking Group has announced the appointment of Dave Watts as its new Chief Financial Officer, effective from November. The London-listed firm noted that this decision is subject to regulatory approval. Gareth Cronin, who had been serving as the interim Chief Financial Officer since August, will return to his primary role as the Group Chief Risk Officer.

Watts brings nearly three decades of banking experience to the role, having held pivotal CFO positions during his tenure at HSBC. Notably, from 2017 to 2021, he served as the CFO of HSBC UK Bank and played a significant role in the development of HSBC’s UK non-ring fenced bank. Currently, Watts serves as the CFO for HSBC’s European operations.

Prior to his extensive career at HSBC, he began as a Chartered Accountant at KPMG and holds qualifications as a treasurer.

Ian McLaughlin, Chief Executive Officer of Vanquis Banking Group, expressed his enthusiasm for Dave Watts joining the team, stating, “Dave was the outstanding candidate in our CFO recruitment search process, and I look forward to working with him. 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.”

Dave Watts also commented on his appointment, saying, “I am delighted to be joining Vanquis Banking Group as CFO. 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.”

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