Shawbrook Group PLC has approached Vanquis Bank Ltd. Managing Director Christopher Sweeney to replace Steve Pateman as CEO, Sky News reported, citing sources.

Pateman resigned in May, and Sweeney is reportedly competing with interim CEO and Director Ian Cowie for the role. Shawbrook directors are expected to meet and finalize a decision in the week of Oct. 15, with announcement to follow shortly thereafter, the Oct. 9 report noted.

Vanquis Bank is a unit of Provident Financial PLC. Sweeney is due to become deputy group CEO of Provident, after the company completes the resolution of issues in its repayment option plan.