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Provident Financial to raise 331 million pounds; swings to full-year loss

Published 27/02/2018, 07:29
© Reuters.  Provident Financial to raise 331 million pounds; swings to full-year loss
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(Reuters) - Troubled Provident Financial (LON:PFG) said it would raise gross proceeds of about 331 million pounds via a rights issue, as it looks to meet the costs of resolving an investigation by Britain's financial watchdog and restore its capital position.

The sub-prime lender said it had reached a settlement with the Financial Conduct Authority for its probe into the sale of Vanquis Bank's repayment option plan, resulting in a provision of 172.1 million pounds for 2017.

Provident Financial, which was founded in 1880 and provided loans through the Wall Street crash of 1929 and both world wars, also reported a pretax loss of 123 million pounds for the year ended Dec. 31, compared with a pretax profit of 343.9 million pounds a year earlier.

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