February 27, 2018 / 7:23 AM / a year ago

Provident Financial to raise 331 mln stg; swings to FY loss

Feb 27 (Reuters) - Troubled Provident Financial 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 ($240.46 million) 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.

($1 = 0.7157 pounds)

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair

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