Provident Financial confirms £300m rights issue to deal with financial firestorm
Crisis-hit lender Provident Financial has confirmed it is looking to raise around £300m to shore up its finances and meet the costs of FCA probes into its credit card and car finance arms after what has been a turbulent year for the 138-year-old company.
Provident announced this morning it has reached an agreement regarding the FCA investigation into ROP within Vanquis Bank for failure to adequately disclose the potential charging of interest on ROP charges.
The total estimated cost of settlement of £172.1m reflected in the 20... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
