Vanquis Banking Group Pursues Strategic Savings

Vanquis Banking Group (GB:VANQ) has released an update.

Vanquis Banking Group PLC reports steady progress in its business transformation, with new customer growth and a clear financial position after one-off write-downs. The bank is on track to achieve £60m in cost savings by year-end and is updating its strategic plan to save an additional £15m by 2025. Despite a statutory loss before tax in the first half of 2024, Vanquis remains committed to its mid-teens Return on Tangible Equity (ROTE) target for 2026.

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