vanquis bank is a subsidiary of the provident financial group .

established in 2003 it offers credit cards under the visa brand for uk residents with a limited or uneven credit history .

it also offers a fixed rate bond service , launched in 2011 .

vanquis bank

vanquis bank has 15 years of experience in lending to our chosen target market .
glassdoor office photos give you an inside look at employers , such as vanquis bank . this is vanquis bank office photo was submitted anonymously . shown in this photo : london office
at the end of december , vanquis bank had taken £941 . 2m of retail deposits (
provident operates vanquis bank and consumer credit brands including satsuma , provident and glo and moneybarn .
vanquis bank is being investigated by the financial conduct authority over its credit card repayment offer .
george is a technical business analyst , delivering initiatives and projects for vanquis bank in the uk .
strong and diverse funding capacity and liquidity position , including access to retail deposits in vanquis bank .
joe goes the extra mile to help vanquis bank ' s customers get the best outcome for them .
% of vanquis bank ' s receivables ) , up from £731 . 0m at 31 december 2015 (
impairment in vanquis bank and moneybarn is deducted from the carrying value of amounts receivable from customers by the use of an allowance account . the vanquis bank allowance account as at 31 december 2016 amounted to £
% of vanquis bank ' s uk receivables ) , up from £645 . 4m at 30 june 2015 (
vanquis bank generated a profit before tax of £44 . 2m in 2011 ( 2010 : £26 . 7m ) .
vanquis bank continues to develop a number of new initiatives to augment the medium - term growth of the business .
vanquis visa card is issued by vanquis bank limited . vanquis bank can be contacted at its registered office , which is at no . 1 godwin street , bradford , west yorkshire bd1 2su . registered number 02558509 england . vat number 180555952 . vanquis bank limited is authorised by the prudential regulation authority and regulated by the financial conduct authority and the prudential regulation authority ( financial services register no . 221156 )
% ( 2015 : 15 . 6 % ) , after absorbing the impact of the 8 % bank corporation tax surcharge on vanquis bank ' s profits from 1 january 2016 .
vanquis bank is part of the provident financial group , a lender established in 1880 with a history of operating predominantly in the home credit market . vanquis bank was established as the credit card issuing arm of the provident financial group in 2002 .
vanquis bank has a well - established and robust governance framework . the framework has been designed to allow vanquis bank to operate as a stand - alone regulated entity and to comply with the group’s policies and procedures as a publicly listed company .
% , reduced from 16 . 1 % in 2015 due to the impact of the 8 % bank corporation tax surcharge on vanquis bank profits which became effective from 1 january 2016 .
* each time you recommend vanquis to a friend and they become a vanquis cardholder , activate and spend on their card .
* each time you recommend vanquis to a friend and they become a vanquis cardholder , activate and spend on their card .
vanquis bank limited registered office : no . 1 godwin street , bradford , west yorkshire bd1 2su . registered number 02558509 england .
the group ' s funding and liquidity positions are strong and diverse , including access to retail deposits within vanquis bank . gearing of
vanquis bank ' s interest in visa europe following completion of visa inc . ' s acquisition of visa europe on 21 june 2016 .
as reported in the interim management statement issued in may , this reflects two factors . firstly , the spend on vanquis bank ' s
turin giants , a team of workers from vanquis bank , took the scholemoor trophy , an event which also raised £620 for charity .
the collections department at vanquis bank takes a refreshing approach by focusing on rehabilitation and by suggesting options and solutions designed to help our customers .
as a result , vanquis bank delivered year - on - year customer and receivables growth of 12 per cent and 14 per cent respectively .
in july , vanquis bank successfully activated a retail deposits programme to establish standalone funding for the business and further diversify the group’s funding base .
vanquis bank will incorporate the learnings from glo when it introduces a fresh guarantor loans product as part of its wider loans proposition during 2017 .
the group ' s funding and liquidity positions are strong and diverse , including access to retail deposits within vanquis bank . gearing remains stable at
the group ' s funding and liquidity positions remain strong and diverse , including access to retail deposits within vanquis bank . gearing has reduced to
% , a lower rate than pre - tax profits due to the impact of the 8 % bank corporation tax surcharge on vanquis bank ' s profits in excess of £25m which was effective from 1 january 2016 .
the level of defaults at its vanquis bank business soared by 62pc to £61 . 7m last year , up from £38 . 2m in 2008 .
aquis credit card and the aquis credit builder card are issued by vanquis bank limited . vanquis bank can be contacted at its registered office , which is at no . 1 godwin street , bradford , west yorkshire bd1 2su . registered number 02558509 england . vat number 180555952 . vanquis bank limited is authorised by the prudential regulation authority and regulated by the financial conduct authority and the prudential regulation authority ( financial services register no . 221156 )
the first half of 2016 has seen ccd and vanquis bank management continue to develop underwriting standards , distribution channels , the customer journey and it infrastructure in advance of the transfer of the business to vanquis bank . the collections function is now fully embedded within the vanquis bank contact centre in chatham . full roll - out and a step - up in marketing activity is expected on completion of the transfer towards the end of the year .
vanquis bank is a uk based credit card company . you can trace our roots back to bradford nearly 130 years ago when our parent company provident financial was established . vanquis bank was formed in 2002 and has accepted over 3 . 5 million customers in the uk ( as of september 2017 ) .
while vanquis bank is a relatively new venture , we are comfortable in this market because of provident financial ' s long history of success in the non - standard credit industry as well as the experience and skills of the vanquis bank staff , many of whom have a background in serving non - standard customers .
m . the group ' s committed debt facilities , together with the recent renewal of bank facilities and the retail deposits programme at vanquis bank , are now sufficient to fund contractual maturities and projected growth of the group until october 2019 .
since then provident financial has grown and grown , leading to the establishment of a home credit group in the 1990s and the formation of vanquis bank in 2002 .
vanquis bank has generated profit before tax of £99 . 8m in the six months ended 30 june 2016 ( 2015 : £86 . 7m ) analysed as follows :
vanquis is the largest dedicated specialist ‘low and grow’ credit card issuer in the uk credit card market . vanquis bank occupies three sites – a head office in central london and sites in bradford and chatham , kent housing our customer contact centres .
after graduating university , i found the flexibility that vanquis offered appealing .
vanquis bank limited is authorised by the prudential regulation authority and regulated by the financial conduct authority and the prudential regulation authority ( financial services register no . 221156 ) .
the brand name for savings accounts from fbn bank ( uk ) ltd - a wholly owned subsidiary of first bank of nigeria ltd , listed on the nigerian stock exchange .
this is the uk branch of the state bank of india ( sbi ) - the largest commercial bank in india . the indian government is the single - largest shareholder .
meet the man whose party trick is to nab your bank card details . . .
however vanquis signed up 234 , 000 new customers to produce a record half year . the credit quality improved slightly and vanquis now has 1 . 65 million customers .
the group has made a good start to 2017 . vanquis bank and moneybarn have continued to trade very well and the home credit business has produced a sound collections performance .
when vanquis started they were required to offer recording and this was the perfect solution .
“here at vanquis , things are never stagnant . opportunities are never far away . ”
the group has made a good start to 2017 . vanquis bank and moneybarn have continued to trade very well and the home credit business has produced a sound collections performance .
these figures are included within the vanquis bank figures in the tables above . there were no assets or liabilities associated with the branch on 31 december 2016 or 31 december 2015 .
“the bank has really grown , and it ' s our target to continue growing . ”
depending on your circumstances and credit history , the rate offered on vanquis bank’s aquis visa card can actually reach the eye - watering heights of 59 . 9 % ( variable ) .
vanquis bank stopped offering the rop to new customers in april 2016 , but the half a million or so customers who had already taken out the plan can continue to use it .
vanquis bank demonstrated during the last downturn that it is considerably less sensitive to changes in the employment market than mainstream card issuers , maintaining a risk - adjusted margin above 30 % , despite a modest increase in impairment . although the uk employment market has continued to improve , vanquis bank has maintained tight credit standards since 2009 and maintains strict discipline over managing card utilisation .
verity works with the correspondence team , ensuring that all vanquis ' customers are treated fairly .
vanquis have helped me to build up the skills to be a team leader .
but capital one was quick to react by launching its new visa card with an even lower representative apr of 28 . 9 % ( variable ) , bumping vanquis bank’s offering into second place .
provident financial plc was founded in 1880 to provide responsible lending in the west yorkshire area . vanquis bank is a subsidiary of provident financial plc and offers visa credit cards to the uk market .
m . the group ' s committed debt facilities , together with the retail deposits programme at vanquis bank , are sufficient to fund contractual maturities and projected growth in the business until may 2018 .
a recent surge in british wages could prompt the bank of england to increase rates soon , according to opinions voiced in the latest meeting of the bank ' s interest rate setters published this week .
the first rise is likely to take place in mid - 2016 , but bank rate will remain below 2pc in 2017 , according to predictions in the latest bank of england ' s inflation report .
m . the group ' s committed debt facilities , together with the retail deposits programme at vanquis bank and the recent extension to the group ' s syndicated bank facility , are sufficient to fund contractual maturities and projected growth of the group until october 2019 , when the £250m senior bond matures .
get £25 for every friend you successfully recommend to vanquis . click below to find out more .
you can use your vanquis visa card anywhere in the world where you see the visa sign .
vanquis credit cards are designed for people who are looking to build or improve their credit rating .
vanquis bank savings has been awarded the winner of the best long term fixed rate bond provider category and has been highly commended as the best fixed rate bond provider in the 2017 savings champion awards .
these figures are included within the vanquis bank figures in the tables above . there were no assets or liabilities associated with the branch on 30 june 2016 , 31 december 2015 or 30 june 2015 .
vanquis bank has had an excellent year in 2011 , growing its customer numbers and receivables and continuing to deliver strong profits growth . the business is now capital - generative and contributing to the group’s dividend .
expanding the capability to provide non - standard consumer finance through partnering with other lending institutions , brokers or providers of retail finance represents an attractive opportunity to expand the distribution of vanquis bank ' s credit card proposition . during 2016 , a new relationship has been established with pay4later who provide the it platform that acts as the interface between a number of retailers and a panel of lenders . vanquis bank is pay4later ' s designated provider of revolving credit and a number of retailer relationships are expected to be established with vanquis bank during 2017 . discussions are also progressing with a number of other retailers , brokers and lending institutions .
we have designed clear and straightforward home insurance products with the service you’ve come to expect from vanquis .
what makes a vanquis person is someone who ' s always looking to help the customer .
vanquis is a full member of uk finance , the trade association for the uk’s financial services industry .
vanquis has recently signed a new three year partnership with mencap as part of our active community programme .
the best - paying five - year bond on the market , which offers annual interest of 3 . 02pc , was launched today as part of vanquis bank ' s new crop of fixed - rate accounts .
vanquis bank agreed with the fca to enter into a voluntary requirement to suspend all new sales of the rop in april 2016 and to conduct a customer contact exercise , which has now been completed .
you only receive this £75 , 000 protection once under each bank or building society ' s ' compensation licence ' . each bank usually has its own authorisation , but those that operate different brands often share them .
important message : vanquis has agreed to refund any interest related to our repayment option plan ( rop ) . click here to find out more about the decision and what vanquis are doing to put things right .
since simon has joined vanquis , he ' s been able to grow the resourcing team that he manages .
cash at bank and in hand includes £168 . 9m ( 2015 : £134 . 2m ) in respect of the liquid assets buffer , including other liquid resources , held by vanquis bank in accordance with the pra ' s liquidity regime . this buffer is not available to finance the group ' s day - to - day operations .
cash at bank and in hand includes £141 . 1m ( 2015 : £118 . 0m ) in respect of the liquid assets buffer , including other liquidity resources , held by vanquis bank in accordance with the pra ' s liquidity regime . this buffer is not available to finance the group ' s day - to - day operations .
joining a bank was a different step for me , but it ' s not stuffy at all .
% , a lower rate than adjusted pre - tax profits due to the impact of the 8 % bank corporation tax surcharge on vanquis bank ' s profits in excess of £25m which was effective from 1 january 2016 . basic earnings per share increased by 19 . 8 % to 181 . 8p ( 2015 : 151 . 8p ) .
in a statement issued on tuesday , vanquis ' s parent company provident financial group said that vanquis is co - operating with the fca ' s investigation and that rop generates gross revenues of about £70 million a year .
this helped reduce its impairment rate across both home credit and vanquis bank last year . provident said its businesses also enjoyed a ' good start ' to 2011 , with sound collections and year - on - year sales growth .
the future for vanquis bank is very bright . it is a profitable , growing , capital - generative business which will be a major contributor to the future growth in the group’s dividends and the overall returns provided to shareholders .
vanquis bank promotes financial inclusion by bringing the benefits of credit cards to consumers who are typically excluded by mainstream lenders , helping people to establish or rebuild their credit profiles and enjoy the increasing utility of card - based credit , including online shopping . vanquis bank ' s ' low and grow ' approach to extending credit and high levels of customer contact underpin a sustainable , responsible lending model which produces consistently high levels of customer satisfaction approaching 90 % .
vanquis bank has demonstrated that it is considerably less sensitive to changes in the employment market than mainstream card issuers . although the uk employment market has continued to improve , vanquis bank has maintained tight credit standards and has continued to only book those new customers who are expected to deliver its minimum threshold returns . as a result , delinquency levels have continued to be favourable and have run at record lows for the business during the first half of 2016 .
vanquis bank ' s internet bookings have remained strong during the first half of the year whilst year - on - year bookings from the direct mail and face - to - face channels have been lower than the previous year .
the name of the bank is listed next to its licence . if the ownership of the bank is different to the licence - holder , this is noted in brackets . but the licence - holder is the most important information .
vanquis has vigorous external regulation and a meticulous internal control and compliance regime . this includes recording calls and calls statistics . sigma voice solutions supplies vanquis with call recording and off - site secure data storage within the sigma network .
the tax rate for the first half of 2016 of 24 . 40 % ( 2015 : 20 . 25 % ) is the estimated effective tax rate on profit before tax , amortisation of acquisition intangibles and exceptional items for the 2016 financial year and is higher than the mainstream uk statutory corporation tax rate of 20 % . this reflects the impact of the bank corporation tax surcharge of 8 % which came into force on 1 january 2016 . the surcharge applies to vanquis bank profits in excess of £25m and places an additional tax cost on vanquis bank of approaching £15m per annum .
this was the first independent uk bank on the high street for more than 100 years when it launched in 2010 .
last week , vanquis bank launched its aquid via card , which was market - leading in both the credit builder and bad credit best - buy tables . the card carries a representative apr of 29 . 8 % ( variable ) .
a decision was made to close ccd ' s guarantor loans business , glo , to new business in early october 2016 . this decision reflected the longer than envisaged timescale in ccd obtaining fca authorisation which had delayed the transfer of glo to vanquis bank together with vanquis bank being at an advanced stage of developing its own loans platform to provide a wider unsecured loans proposition . as a result , the glo receivables book has been placed into run - off within ccd and a
in the firm ' s wider results , the business ' vanquis bank credit card product has seen a strong flow of new account bookings reaching 122 , 000 , a figure up 45 per cent versus the relatively weak first quarter of 2016 .
provident financial plc is the leading non - standard lender in the uk . the group serves 2 . 4 million customers and its operations consist of vanquis bank , the consumer credit division ( ccd ) comprising provident and satsuma , and moneybarn .
interest costs reduced by 1 . 6 % during 2016 . this reflects the reduction in vanquis bank ' s blended funding rate , after taking account of the cost of holding a liquid assets buffer , from 5 . 3 % in 2015 to
further detail on vanquis bank ' s initiatives to augment the medium - term growth of its credit card proposition , together with its business plan for developing a loans proposition , will be provided at the capital markets day on 4 april 2017 .
m ( 2015 : £126 . 6m ) reflecting strong growth in profits at vanquis bank and moneybarn and an improved profit performance in ccd following a reduction in the start - up losses associated with satsuma and glo . adjusted earnings per share of
below , we reveal who owns who to make sure you don ' t unwittingly bank savings twice with the same institution .
using call planner and customising call record , sigma delivered a call recording and call planning solution in less than 2 weeks . without this vanquis would have had to compromise their annual business model . the vcc allowed vanquis to continue without interruption .
the group , which offers doorstep credit and also owns vanquis bank , posted underlying pre - tax profits of £144 . 5m in 2010 , up from £130 . 1m in 2009 . on a reported basis , profits rose 13 % to £142m .
following announcement of the proposed transaction , vanquis bank ' s interest in visa europe was valued at a fair value of £17 . 5m which reflected the expected upfront cash proceeds and a number of factors and uncertainties relating to the other consideration . the
if you ' ve got ambition and a good work ethic , vanquis will give you the opportunity to progress .
everything that we do at vanquis revolves around our customers . you can read some of our happy customers ' experiences here .
sigma provides services that grow with vanquis ' needs . bespoke , integrated products and services developed to meet changes and challenges .
i started my own business a couple of years ago , which has been going well for the most part . my vanquis bank card helps me to smooth out the peaks and troughs in my personal expenditure , allowing me to concentrate on my business .
during 2016 , vanquis bank ' s change of permission was approved by the fca and moneybarn received its full authorisation . ccd continues to operate under an interim permission awaiting full authorisation , consistent with the other sizeable firms operating in the home credit market .
provident financial plc is the leading non - standard lender in the uk . the group serves 2 . 4 million customers and its operations consist of vanquis bank , the consumer credit division ( ccd ) comprising provident , satsuma and glo , and moneybarn .
managing director bhupinder singh passi has been with the bank for 35 years . funds are lent out in the uk and overseas .
challenger bank pays 3 . 02pc on deposits of £1 , 000 and above – but savers could lose out if interest rates rise
m . the group ' s committed debt facilities , together with the retail deposits programme at vanquis bank , are sufficient to fund contractual maturities and projected growth in the business until may 2018 . in accordance with the group ' s treasury policies , the group would anticipate renewing its £382 . 5m revolving syndicated bank facility at least 12 months in advance of its may 2018 maturity date .
profit before tax in 2016 is stated before an exceptional gain of £20 . 2m in respect of vanquis bank ' s interest in visa europe following completion of visa inc . ' s acquisition of visa europe on 21 june 2016 ( 2015 : £nil ) .
vanquis bank continued to be the star performer , with profits growth of 89 % to £26 . 7m in 2010 . the operation , which saw customer numbers leap up by a quarter , is in ongoing talks with the city regulator to begin taking customer deposits .
presentations will be made by the senior management teams of vanquis bank , the consumer credit division ( ccd ) and moneybarn . the presentation slides will be available on the company’s website , urltoken , at 10 . 30am in conjunction with the commencement of the event .
vanquis bank , which is part of provident financial group , was formed in 2002 and specialises in offering credit cards to those with poor credit histories . it will match the rate you are offered with your individual credit score – which means it could be expensive .
in order to accommodate growth , vanquis bank increased its contact centre capacity by opening a second operation in bradford , located within ccd’s head office facility . the bradford operation works as a satellite to our existing contact centre in chatham and uses exactly the same it infrastructure and procedures that has made the chatham contact centre so effective . the bradford site has the capacity to house 230 seats in addition to the 420 seats we have at chatham . this will accommodate the growth at vanquis bank for at least the next two years .
we like to celebrate how well vanquis are doing , so there are plenty of social events to get involved with .
based in peterborough , cambridgeshire , this independent uk bank is backed by private - equity company anacap financial partners llp and other institutional investors . it launched in 2009 and is run by chief executive officer phillip monks , who has 30 years’ experience at barclays and arab bank .
vanquis bank has reported profits up 11 . 3 % . growth is being delivered against continued tight credit standards and i ' m particularly pleased with the momentum of new business being generated through a reinvigoration of the credit card proposition and its distribution by the new leadership team .
the exceptional gain in respect of visa is partly offset by an exceptional impairment charge of £2 . 9m in respect of glo ' s it platform within ccd following the decision to develop guarantor loans as part of the wider vanquis bank loans proposition on a separate it platform .
initiatives to further augment growth in 2017 and beyond . the performance of the recently launched unsecured loans pilot is encouraging and represents a significant opportunity within both the vanquis bank customer base and the wider market which is an under - served area of the non - standard market .
at vanquis , you ' re given the chance to be more creative , and deliver solutions with a bit more imagination .
the vanquis active community programme is designed to complement the corporate responsibility work undertaken across the provident financial group through its good neighbour programme .
impairment in vanquis bank and moneybarn is deducted from the carrying value of amounts receivable from customers by the use of an allowance account . the vanquis bank allowance account as at 30 june 2016 amounted to £245 . 2m ( 31 december 2015 : £225 . 0m , 30 june 2015 : £200 . 3m ) and the moneybarn allowance account amounted to £26 . 2m ( 31 december 2015 : £18 . 4m , 30 june 2015 : £29 . 4m ) . within ccd , impairments are deducted directly from amounts receivable from customers without the use of an allowance account .
the effective tax rate for 2016 , prior to the amortisation of acquisition intangibles and exceptional items , is 23 . 20 % ( 2015 : 20 . 25 % ) . the increase in the rate reflects the impact of the bank corporation tax surcharge of 8 % , which came into effect on 1 january 2016 and applies to vanquis bank profits in excess of £25m , net of a tax credit in respect of prior years .
the analysis set out above relates to ccd only . vanquis bank and moneybarn are still in growth phases and at this stage of their development the influence of its growth has a much more significant impact on the profits reported by the business during the financial year than the underlying seasonality .
resource management - providing a networked based solution for telephony requirements has allowed vanquis to concentrate its efforts on the business of growing the business .
at vanquis we strive to ensure that we are a valued part of the communities where we live and work through our active community programme .
times ( 2015 : 2 . 2 times ) . the group has recently entered into a new £450m syndicated bank facility maturing in may 2020 and cancelled the existing committed bank facility of £383m which was due to mature in may 2018 . the all - in cost of the new facility is lower than the cancelled facility with broadly consistent terms , conditions and financial covenant package . as at 31 december 2016 , headroom on the group ' s committed facilities amounted to £140m and , including the additional capacity available for vanquis bank to take retail deposits , total funding capacity amounted to £
m in respect of glo ( 2015 : £10 . 8m ) . following the decision to develop guarantor loans as part of vanquis bank ' s wider loans proposition during 2017 , glo ceased to issue new business in early october 2016 and the receivables book is now in run - off .
presentations will be made by the senior management teams of vanquis bank , the consumer credit division ( ccd ) and moneybarn . the presentation slides will be available on the company ' s website , www . providentfinancial . com , at 10 . 30am in conjunction with the commencement of the event .
the vanquis bank impairment charge comprises £80 . 4m in respect of the uk business ( 2015 : £78 . 9m ) and £nil in respect of the polish pilot operation prior to the transfer of the economic interest to a third party on 1 april 2015 ( 2015 : £1 . 6m ) .
danny has a team of 12 people in bradford , and he believes the way vanquis looks after it ' s employees makes a real difference .
your eligible deposits with vanquis bank limited are protected up to a total of £85 , 000 by the financial services compensation scheme , the uk ' s deposit protection scheme . any deposits you hold above the £85 , 000 limit are not covered . please click here for further information or visit urltoken .
vanquis offers market - leading four - year and five - year bonds , with the former paying 2 . 61pc , but its shorter - term accounts fail to beat rivals . charter savings bank , for example , offers a 1 . 91pc one‑year account , making it the best‑paying over that term .
return on assets 2 of 13 . 8 % in 2016 , reduced from 15 . 8 % in 2015 primarily due to the bank corporation tax surcharge .
sub - prime lender provident financial received nearly 2 , 700 applications per day for its vanquis bank credit card last year , despite the high interest it charges . but 83pc of people who applied for the card were turned down , mainly because they were thought to have already taken on too much debt .
as a project manager , vivienne helps facilitate a range of change projects across vanquis , from new websites and payment methods to infrastructure and it projects .
an exceptional credit of £17 . 3m has been recognised in the income statement comprising a £20 . 2m gain made on vanquis bank ' s interest in visa europe ltd following completion of its acquisition by visa inc . on 21 june 2016 net of an exceptional impairment charge of £2 . 9m in respect of glo ' s it platform within ccd following the decision to develop guarantor loans as part of the wider vanquis bank loans proposition on a separate it platform ( 2015 : exceptional cost of £11 . 8m following a business restructuring in ccd ) . the group ' s statutory profit before tax is also stated after a £
based on the stable delinquency trends experienced during the fourth quarter , together with the expected growth of vanquis bank ' s presence in the nearer prime segment of the market and some further reduction in the penetration of the rop product , the risk - adjusted margin is expected to moderate towards 30 % during 2017 .
part of india’s international bank , which has branches in 25 countries and has been in britain for more than 50 years ( there’s an office in london ) .
the tax charge for 2016 represents an effective rate of 23 . 20 % ( 2015 : 20 . 25 % ) on profit before tax , amortisation of acquisition intangibles and exceptional items . the rate is higher than the mainstream uk statutory corporation tax rate which reduced from 21 % to 20 % on 1 april 2015 due to the impact of the bank corporation tax surcharge of 8 % which came into force on 1 january 2016 . the surcharge applies to vanquis bank profits in excess of £25m and places an additional tax cost on vanquis bank of approaching £15m per annum . the group is expected to benefit in future years from the further rate reductions to 19 % on 1 april 2017 and to 17 % on 1 april 2020 announced by the government and enacted in the 2016 finance act .
based on the trends experienced during the last downturn in the uk economy between 2008 and 2010 , rising unemployment may result in some increase in impairment in vanquis bank and moneybarn and inflationary conditions may result in weaker demand in the home credit business . wholesale debt markets may also experience disruption in a weak uk economy .
you can trace vanquis bank’s roots back 130 years to bradford when our parent company , provident financial first started . our founder , joshua kelley waddilove , created a system that allowed local working class families to provide for themselves through vouchers that could be exchanged in local shops . the families would then pay back the vouchers in small instalments . you can read more about our history here , but in the meantime , here’s what we’ve achieved at vanquis in just 12 years . . .
the fca regulation of the consumer credit industry commenced on 1 april 2014 . ccd and moneybarn obtained interim permissions under the new regime and submitted their applications for full authorisation prior to the 31 may 2015 deadline . vanquis bank , which was already an authorised firm , submitted its application for a variation of permissions in december 2014 .
vanquis offers low credit limits of between £150 and £1 , 000 , although customers can apply to have their credit limit increased every five months . the maximum limit offered by vanquis is £4 , 000 but you will only be considered for a higher credit limit if you have proved that you can manage your account responsibly .
vanquis ' call centre handles in excess of 11 , 500 calls a day , that ' s around 230 , 000 calls a month , from its customers .
we are in the midst of a consumer - led revolution in the way we do our day - to - day banking . customers love the new technology that is allowing them to bank round the clock and which is providing us all with our own personal financial advisors . the bba’s influential way we bank now report shows that through the…
adjusted profit before tax is stated before an exceptional impairment charge of £2 . 9m in respect of glo ' s it platform within ccd following the decision to develop guarantor loans as part of the wider vanquis bank loans proposition on a separate it platform ( 2015 : an exceptional cost of £11 . 8m in respect of business restructuring ) .
times ( 2015 : 2 . 4 times ) reflecting continued strong capital generation and the cash proceeds from the sale of the visa europe shares . headroom on the group ' s committed debt facilities amounted to £162m at june 2016 and , including the additional capacity available for vanquis bank to take retail deposits , total funding capacity amounted to £
interest costs reduced by 4 . 2 % during the first half of 2016 . this is a lower rate of growth than average receivables and reflects the reduction in vanquis bank ' s blended funding rate , after taking account of the cost of holding a liquid assets buffer , from 5 . 5 % in the first half of 2015 to
growth in the cost base of 31 . 2 % includes a year - on - year uplift of £4m in the spend on direct mail and marketing activities to support the more intensive customer acquisition programme . vanquis bank has also incurred costs of approximately £1m in respect of upgrading its it platform and establishing the retail deposits programme during the year .
the fca assumed responsibility for the regulation of the consumer credit industry from 1 april 2014 . ccd and moneybarn obtained interim permissions under the new regime and submitted their applications for full authorisation prior to the 31 may 2015 deadline . vanquis bank , which was already an authorised firm , submitted its application for a variation of permissions in december 2014 .
the profile of moneybarn ' s customers is very similar to vanquis bank customers . they typically have a thin or impaired credit history and find it difficult to access credit from prime lenders . they have an average age of approximately 40 , are employed or self - employed and have an income level around the national average of £25 , 000 .
provident has tightened its lending criteria and collections policy since the credit crunch , hiring more field - based management roles to boost collections and expanding its contact centre at vanquis .
if you have a complaint about a service provided by vanquis , please use the contact details below . your complaint will be dealt with in accordance with our complaints procedure .
as a regulated entity , vanquis bank operates a number of the internal control and risk management processes typically only held at a group level in many organisations . these include a risk committee , audit committee , remuneration committee and compliance committee , all of which are chaired by an independent non - executive director to provide the appropriate level of challenge and oversight .
as indicated in the 2015 preliminary announcement , the agreement between visa and the eu to reduce the interchange fees charged by credit card companies to retailers was fully implemented from december 2015 on domestic transactions . the impact on vanquis bank was a reduction in income of approximately £3m in 2015 and is estimated to increase to an impact of around £11m in 2016 .
all are part of the uk financial services compensation scheme , so you’re covered for up to £85 , 000 ( £170 , 000 for joint accounts ) if the bank goes bust .
vanquis bank is part of provident financial , a leading uk financial provider . the company was founded in bradford in 1880 by joshua kelley waddilove , who devised a system to help local families buy what they needed , when they needed it with vouchers that could be used in local shops . the families then paid back the vouchers in small affordable weekly instalments .
the event will primarily focus on the significant organic growth opportunities at vanquis bank , moneybarn and satsuma together with the migration to a more efficient and effective operating model in home credit and the associated financial benefits . the event will also include an update on the development of the group’s digital proposition and the increased synergies available to the group’s businesses to improve competitive advantage .
ec3 is home to many major insurance / financial occupiers , including aig , aviva , axa , hiscox , qbe , royal london , swissre , willis towers watson , vanquis bank and zurich insurance group . other professional neighbouring occupiers include clyde & co llp , dwf llp , latham & watkins llp , northern & shell , vinson & elkins llp and xl catlin .
m ( 2015 : £292 . 9m ) . this reflects strong growth in profits at vanquis bank and moneybarn and an improved profit performance in ccd following a reduction in the start - up losses associated with satsuma . statutory profit before tax increased by 25 . 7 % to £343 . 9m ( 2015 : £273 . 6m ) . adjusted basic earnings per share of
launched in 2011 , this is a uk bank owned by the special opportunities fund ( sof ) . the sof management team left rbs group in november 2013 to form sof investments limited .
important : credit is subject to : status ; telephone contact ; confirmation of name and address ; not already holding a credit card issued by vanquis bank ; no reasonable suspicion of fraud , and is only available to uk residents who are at least 18 years of age and are not legally restricted from obtaining credit e . g . because of bankruptcy . please read the
vanquis bank has a great history of helping people who are new to credit or looking to rebuild their credit . we’ve already helped over 3 million + people across the uk . we could help you too ! we’ll provide you with the tools and tips you’ll need to build yourself a strong credit rating , plus plenty of advice and support from our uk call centre .
the group ' s businesses operate principally in the uk and republic of ireland . vanquis bank established a branch in poland as part of a pilot credit card operation during the first half of 2012 . a decision was taken to withdraw from the pilot operation in early 2015 and the receivables book was sold to a third party with the economic interest transferring from 1 april 2015 .
m of amortisation in respect of acquisition intangibles established as part of the acquisition of moneybarn in august 2014 ( 2015 : £7 . 5m ) - see note 6 ; and ( ii ) a net exceptional credit of £17 . 3m comprising an exceptional gain of £20 . 2m in respect of vanquis bank ' s interest in visa europe following completion of visa inc . ' s acquisition of visa europe on 21 june 2016 and an exceptional impairment charge of £2 . 9m in respect of glo ' s it platform within ccd following the decision to develop guarantor loans as part of the wider vanquis bank loans proposition on a separate it platform ( 2015 : exceptional cost of £11 . 8m in respect of a business restructuring in ccd ) - see note 2 .
the royal bank of scotland ( rbs ) said it has £5 . 2bn of
stock
in personal banking that’s in forbearance , a figure that includes schemes from the past two years .
% , down from 5 . 9 % in 2015 . this principally reflects a lower average blended rate on retail deposits and a lower average rate on the group ' s syndicated bank facilities .
the event will primarily focus on the significant organic growth opportunities at vanquis bank , moneybarn and satsuma together with the migration to a more efficient and effective operating model in home credit and the associated financial benefits . the event will also include an update on the development of the group ' s digital proposition and the increased synergies available to the group ' s businesses to improve competitive advantage .
the £2 . 4m tax credit in 2015 arose primarily as a result of taking deferred tax assets in vanquis bank , which were originally measured at the mainstream corporation tax rate of 20 % , and re - measuring them at the combined mainstream corporation tax and bank surcharge rate of 26 % , along with the benefit of taking deferred tax liabilities elsewhere in the group which were originally measured at 20 % and re - measuring these at 18 % . the further reduction in the mainstream corporation tax rate enacted in 2016 has not resulted in any impact on the tax charge for 2016 .
next in line is the new aquis visa card which comes with a representative apr of 29 . 8 % ( variable ) . applicants are offered an initial limit of up to £1 , 000 which , over time , could be increased to a maximum of £3 , 000 . you can also manage your bills online . existing holders of credit cards from vanquis bank card will not qualify .
an exceptional credit of £20 . 2m has been recognised in the first half of 2016 reflecting the gain made on vanquis bank ' s interest in visa europe ltd following completion of its acquisition by visa inc . on 21 june 2016 ( 2015 : exceptional cost of £11 . 8m following a business restructuring in ccd ) . the group ' s statutory profit before tax is also stated after a £
it’s run by chief executive graham davin , previously an investec bank executive . money is lent out as residential property - development loans and bridging loans in the uk , and to small and medium companies .
started in 2003 , vanquis bank brings the benefits of credit cards to people who can find themselves excluded by mainstream card issuers . credit card limits are significantly lower than those of mainstream lenders and we maintain a high level of customer contact throughout the life of the account . we also have higher minimum repayments compared with most other credit card providers , which helps our customers pay off their balances more quickly .
interest costs of £23 . 2m ( 2010 : £18 . 5m ) increased by 25 . 4 % during 2011 . this reflects the increase in average receivables partly offset by the benefit from a reduction in the group’s average funding rate from 8 . 5 % to 7 . 6 % . vanquis bank’s funding cost will reduce to an average of around 7 % in 2012 as retail deposit funding becomes more significant .
vanquis bank also continues to progress a number of other opportunities including : ( i ) improving the digital capability of the business , particularly the forthcoming launch of an enhanced mobile app allowing greater functionality and the ability to present other potential offers to customers ; and ( ii ) the development of a number of customer value management programmes , comprising reactivation and retention programmes and the development of a group wide customer prospects database .
the bank of england has ordered banks to apply credit rules prudently and prove by september they are not being too complacent about risks to their balance sheets , amid concerns a jump in consumer borrowing could be unsustainable .
the retail deposits market in the uk is huge with around £60bn to £140bn of cash and renewals being available for investment each year . vanquis bank is targeting to fund up to 80 % of its receivables with deposits by the end of 2012 . as a guide , the receivables book of around £450m at the end of 2011 therefore supports deposits of approximately £360m , which represents a small fraction of a very large market .
the £4 . 7m deferred tax credit in 2016 on the available for sale investment represents the reversal of the £4 . 8m deferred tax charge in 2015 , reflecting the sale of vanquis bank ' s interest in visa europe limited in the year , net of a deferred tax charge of £0 . 1m arising on the movement in the valuation of the visa inc . stock between its acquisition and the end of the year .
and represents a £5 . 7m tax charge on the disposal of vanquis bank ' s interest in visa europe limited at the combined mainstream uk corporation tax and bank corporation tax surcharge rates of 28 % and a tax credit of £0 . 6m relating to tax relief for the impairment of glo intangible fixed assets at the mainstream uk corporation tax rate of 20 % . the tax credit in respect of exceptional costs in 2015 amounted to £2 . 4m and represented tax relief in respect of the exceptional restructuring costs in ccd . the tax credit in respect of the amortisation of acquisition intangibles amounted to £1 . 5m ( 2015 : £1 . 5m ) .
vanquis embarked on an experimental virtual call centre incorporating mobile telephony with call recording , including the requirement to comply with various financial services related regulation . they needed a bespoke , on - line search interface set up to access their call records . call planners were also required for remotely located operators . this would provide online management for complete control over inbound calls , enabling vanquis to instantly re - target numbers on the web .

management has been changed in the troubled division , but crucially , with the new operating model now in place , the costs of the stumble are no greater than first warned . it’s too early to say that all will be rosy going forward , but the group’s message on credit quality across the business is reassuring . vanquis bank , which generates the lion’s share of the group’s income , is growing strongly , as is moneybarn .


the brussels intercommunal transport company ( french : société des transports intercommunaux de bruxelles , or stib ; dutch : maatschappij voor het intercommunaal vervoer te brussel or mivb ) is the local public transport operator in brussels , belgium .

it is usually referred to in english by the double acronym stib-mivb , or by its french acronym , stib .

it is responsible for the brussels metro , brussels trams and brussels buses , linking with the de lijn network in flanders and the tec network in wallonia .

the brussels intercommunal transport company is the local public transport operator in brussels , belgium . it is usually referred to in english by the double acronym stib - mivb , or by its french acronym , stib
the brussels intercommunal transport company ( société des transports intercommunaux de bruxelles , stib - maatschappij voor het intercommunaal vervoer te brussel , mivb ) , founded in 1954 , is the first urban public transportation company in belgium .
mivb was launched in 1954 , when the belgian state , the province of brabant and 21 brussels districts joined “les tramways bruxellois” ( the brussels trams ) , dubbing the new venture the “maatschappij voor het intercommunaal vervoer te brussel” ( brussels intercommunal transport company ) .
brussels public transport to invest €5 . 2 billion in next 10 years | flanders today
in haren , besix redeveloped the existing building ( 16 , 000 m² ) and constructed a new building ( 8 , 000 m² ) for the public transport maintenance center of the brussels intercommunal transport company . the shop also has 2 on - site paint lines for buses , trams and metro carriages ( 3 , 200 m² ) and qualifies for the breeam ‘good’ certification .
the management committee has executive powers within the company ' s management . permanent staff representatives have an advisory role .
the brussels capital - region has unveiled its transport improvement plans for the next decade , which includes a new north - south station metro and extended bus routes .
the stib is responsible for developing and operating free - flowing high - quality public transport in and around the brussels - capital region . the management contract between the stib and its supervisory body the brussels - capital region lays down the duties and obligations of the stib in connection with the provision of a high - quality public transport network .
every day , its some 1 , 200 vehicles serve the 19 municipalities of the brussels - capital region and 11 suburban municipalities . stib covers a surface area of 241 , 5 km² . the company provides transport for over 1 , 100 , 000 inhabitants , in addition to the thousands of commuters .
the stib is tasked with providing public transport services in the 19 communes of the brussels - capital region . to this end , the stib runs a metro , bus and tram network .
the stib was created by the order of 22 november 1990 on the organisation of public transports in the brussels - capital region . the company’s articles of association were approved by the order of the executive of the brussels - capital region of 6 december 1990 ( published in moniteur belge on 18 december 1990 ) .
sales , marketing & network
defines and promotes the transport services in order to enhance customer service .
brussels public transport authority mivb plans to invest €5 . 2 billion between 2016 and 2026 , an increase of 10 % on original plans , according to the region’s minister for mobility , pascal smet .
in 2011 , the european foundation for quality management awarded the company its “recognised for excellence 4 star” label , which rewards companies for good management approaches .
the future holds great things in store for the metro system : new lines , new stations , driverless trains . by 2025 , brussels’ transport authority plans to spend €5 . 2 billion on extending and improving the network .
the board of directors is entrusted with adopting the company ' s budget and concluding the management contract with the regional government , as well as approving collective bargaining agreements negotiated by the ceo . it is composed of 19 members appointed by the regional government of the brussels - capital region . the board of directors also includes government officials and representatives from brussels municipalities . permanent staff representatives have an advisory role .
all the latest on getting out and about in brussels , network info , and all our latest special offers and promotions .
the société des transports intercommunaux de bruxelles ( stib ) is tasked with providing public transport services in the 19 communes of the brussels - capital region and 11 other outer suburbs . to this end , the stib runs a metro , bus and tram network as well as several minibuses for persons with reduced mobility .
communications specialist netmodule reports a successful major project with aeg belgium for the stib / mivb transport company in the nation’s capital city . from the start of the project in march 2013 to its completion at the end of 2015 , more than 1 , 080 buses and trams were equipped with the nb3700 compactrail routers by netmodule – as retrofits to existing vehicles and to new vehicles – with more to follow .
290 . 6 million journeys were recorded in the brussels - capital region in 2009 . the stib network comprises 4 metro lines , 19 tram lines , 50 bus lines and 11 night bus lines . the combined length of all stib public transport routes is around 700km ( metro 40km , tram 215km , bus 470km ) .
do you remember where you were 40 years ago ? maybe you were waiting for the metro . on 20 september 1976 , brussels launched its metro system .
as the largest urban public transportation authority in belgium , mivb operates the metro , tram and bus system in the brussels - capital region as well as 11 other municipalities on the outskirts of the city .
the mivb has introduced significant changes in recent years – such as entrance gates in the metro to discourage fare dodgers , a noctis line of night buses , new metro stops in the outer reaches of brussels and a complete overhaul of its existing metro lines .
brussels’ pre - metro dates to 1965 and ran from sint - katelijn to schuman . a second portion opened in 1970 between madou and naamsepoort on the inner ring - road . that was extended in 1974 from madou to rogier , while a year later a new section was added between diamant and boileau .
the stib continues to attract more and more customers ( up 80 % in ten years ) . the stib is constantly innovating and modernising to ensure it is able to meet this growing demand . services , facilities and vehicles need to be adapted to developments in the behaviour and expectations of potential customers , traffic flows , new techniques and know - how , and inter - modality ( use of more than one form of transport )
we use them to give you the best experience . if you continue using our website , we ' ll assume that you are happy to receive all cookies on this website .
the routers transfer eticketing , monitoring and private mobile radio data as well as passenger information by mobile communication network while the vehicles are in service and via wlan in the depot . during this project , the focus was on ensuring system reliability even at high temperatures .
initially , an industrial pc with a umts and wlan module , which transmitted the data via a mobile communication system to the central control station , was installed in the roofs of the buses and trams . however , significant heat generation in the vehicle roof led to increased incidences of temperature problems , which meant that reliability could not be guaranteed .
this is where the nb3700 compactrail router offered a solution – with certification to en50155 t3 international railway standard , it is designed for use at temperatures ranging from - 25° to 70°c , and is resistant to shocks and vibrations in line with the mil std810f standard . its compact design was also an advantage . these characteristics proved to be persuasive in the project : today , the standard nb3700 compactrail router functions as a umts / wlan communications interface to a robust industrial pc .
data is transmitted as before using the mobile communication network while on the move and via wlan in the depot . this is realised by a single integrated broadband modem and two wlan modules . the nb3700 compactrail router is also compatible with and supports seamless switching between all common mobile communication standards ( lte , hspa + , umts , edge , gprs and gsm ) . the fastest available connection is always selected automatically .
the devices are built into a 19in rack as a bundle with a power supply . the software for the nb3700 compactrail was customised to the client’s specifications , and the router configuration adapted to the system : this means that each vehicle has a usb stick containing all the scripts and configurations specific to that vehicle and its router . this stick is connected directly to the nb3700 compactrail router . if the router fails , it can simply be replaced with a new device and the stick re - inserted . as a result , netmodule guarantees very short outage times .
stib has adopted an organisational and working model allowing it to guarantee its services effectiveness and to better address the present and future challenges .
this governance relies on an organisational structure consisting of a first level of 5 divisions reporting to senior vice presidents . the divisions represent key areas of success specific to stib :
finance & services
provides budget management , logistic support and legal expertise .
human resources
defines and implements the recruitment strategy and promotes continuous improvement in employees ' work .
the five senior vice presidents and the general management are represented on the executive committee , which is competent to make strategic decisions on corporate level . this approach has been introduced within the divisions where the decision - making body is the management committee .
anytime , anywhere ! check out timetables , station and stop info and track services in real - time .
if you have any suggestions , comments or compliments , we love to hear from you .
whether it ' s real - time network information , news , events . . . share with us via your favourite networks !
html public
- / / w3c / / dtd xhtml 1 . 0 transitional / / en
urltoken
cookies help us deliver our site . by using this website , you agree to our use of cookies .
a new generation of vehicles and the creation of bus lanes and dedicated tram track sections help reduce delays while improving comfort .
, such as electronic ticketing and real - time information , also increases customer convenience .
ticket checks and barriers are also expected to increase the feeling of safety among customers and combat vandalism and fraud .
this page is about the meanings of the acronym / abbreviation / shorthand stib in the regional field in general and in the countries terminology in particular .
html public
- / / w3c / / dtd html 4 . 0 transitional / / en
stib / mivb bombardier flexity t3000 tram ride on line 94 between tram museum and auderghem shopping .
stib / mivb tram 4 conductor , using his cell phone while on duty .
the first metro consisted of one line from de brouckère to merode , followed by a branch in one direction to tomberg and in another to beaulieu . there were 16 stations covering 11 . 6 kilometres .
now it consists of four lines , 59 stations and a total distance of 40km . in its first year of operation , the metro carried five million passengers . last year that number was 135 million .
the metro , though , was preceded by more than a decade by the pre - metro . while the metro is fully underground , the pre - metro is a tram that travels on the surface and dips underground when necessary .
an interactive timeline on the metro’s website includes a history of both networks . do you have special memories of the metro down the years ? do you have photos of the way things used to be ? add your memories to the pile .
by continuing to browse the site , you are agreeing to our use of cookies .
smet described the plans as both “ambitious and realistic” . a large part of the funding will go to the construction of a new north - south metro line from bordet in evere to albert in vorst . if all goes well , he said , the line should come into operation by 2024 .
the existing metro lines will be modernised in phases to improve safety and increase frequency . however , the introduction of self - driving metro trains , he said , is “a long - term goal” that does not form part of the 10 - year plan .
two other projects have been shelved for the time being : an extension of the metro to parking c at heizel , site of the planned new national stadium , and the “skytrain” from north station to tour & taxis . the conversion of bus line 71 to a tram will not take place , after the elsene administration objected .
meanwhile , mivb has released details of some of the changes it plans to the bus network in the capital over the coming years . the number of bus routes will go up from 50 to 54 , with new lines serving vorst - central station , heembeek - schuman , south station - drogenbos and erasmus - diesdelle .
a number of existing routes are being extended , including buses 42 , 53 and 54 . other lines in the vicinity of the new tram 9 route will be changed . in the city centre , bus 89 will replace bus 86 to circulate around the pedestrian zone , while bus 46 creates a direct link between the city centre and tour & taxis .
new lines will be introduced gradually from 2017 . mivb said only one in three bus routes will remain unchanged by 2020 . the plan will require the acquisition of 235 new buses , with older diesel buses being replaced by cleaner versions . in the coming weeks , smet will carry out a market survey to look at the possibility of using electric buses .
popular : trivia , history , america , television , tv , usa , geography , cities , . . . more
popular : trivia , history , america , television , tv , usa , world , geography , . . . more
popular : trivia , history , america , television , tv , usa , geography , world , . . . more