February 22, 2019 / 7:15 AM / 9 months ago

Subprime lender Non-Standard Finance offers to buy rival Provident

Feb 22 (Reuters) - British subprime lender Non-Standard Finance said on Friday it had made an all-share offer for troubled rival Provident Financial Plc, valuing the firm at about 1.3 billion pounds ($1.69 billion).

Provident, established in 1880, has been rebuilding after a botched reorganisation of its home credit business that led to profit warnings, the departure of its CEO and the suspension of its dividend in 2017. It has also been under investigation by Britain’s financial watchdog. ($1 = 0.7670 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Arun Koyyur)

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