VANQUIS BANKING GROUP PLC (VANQ) — Capital Optimisation Investor Presentation

Investor webinar replay

Replay transcript excerpt

Good afternoon, and welcome to the VANQUIS BANKING GROUP PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the q and a tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question that receives during the meeting itself. However, the company can review all questions submitted today and pop with responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Dave Watts, CFO. Good morning, sir. Good afternoon, and thank you everyone for joining what is our second VANQUIS BANKING GROUP Evestimate company presentation. We thought we'd use this this occasion to talk through the significant transaction we've just undertaken, which we said we'd take as as part of our optimizing our capital stack. It also gives you a chance for you to meet up with Steve Granger, our group treasurer. The intention is to go through the transaction. I'll do that and then pass on to Steve who'll cover the capital benefits and then we'll open up to q and a. Okay? Okay. So back in March 2024, we VANQUIS BANKING GROUP gave a strategy update and one of the items we said we undertake as part of our strategy delivery was to optimize our capital stack. So this is what we we started doing on the September 23 when we did our inaugural issuance of £60,000,000 of additional tier one capital securities. It's a potential a perpetual instrument, five point five years call window. There's an option to call in the six month period prior to and including the first reset date in May 2031. The coupon is 10.875% pay it's paid semian...