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Provident Financial tries to revive home credit unit as it heads for FY loss
October 13, 2017 / 6:28 AM / 10 days ago

Provident Financial tries to revive home credit unit as it heads for FY loss

Oct 13 (Reuters) - British subprime lender Provident Financial Plc said it has put in place a recovery plan for its struggling home credit business, which is set to post a loss in 2017 of 80 to 120 million pounds ($159.29 million) as it grapples with a staff shortage .

Provident, which provides credit to people who do not meet the lending criteria of mainstream banks, said the plan, under new leadership, would be used to “re-establish relationships with customers, stabilise the operation of the business and improve collections performance”.

The new plan includes moving from two UK divisions to four, increasing the number of regional managers, and employing at least 300 part-time employed customer experience managers who used to work as self-employed agents for Provident. ($1 = 0.7534 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong)

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