U.K.-based Secure Trust Bank PLC said CFO Neeraj Kapur will step down to take over the same role in non-standard lender Provident Financial PLC.

Secure Trust Bank said Kapur will step down from its board with immediate effect but will continue as CFO until March 31, 2020, to help prepare the bank's 2019 full-year results.

Kapur will take over as Provident Financial's CFO from Simon Thomas, who is stepping down for personal reasons after the 2019 preliminary results announcement in 2020.

Secure Trust Bank said the search for a new CFO is underway and added that from Jan. 1, 2020, the group treasurer and the group financial controller will report directly to CEO Paul Lynam until a new CFO is named.