London Stock Exchange welcomes Provident Financial
Provident Financial is the leading non-standard lender in the UK. Established in 1880, the group continues to provide finance to customers who might otherwise be financially excluded. Operating in the UK and Ireland, the group now serves 2.4 million customers through its three divisions, Vanquis Bank, Consumer Credit Division and Moneybarn.
Provident Financial issued it’s fifth retail bond listed on London Stock Exchange’s Order book for Retail Bonds on 9 April raising £60 million. The offer period was closed early reflecting the strong demand from discretionary and execution only brokers. In total, the group has now raised £325 million since 2010 from this source and this has provided the group with excellent diversification, whilst also lengthening the maturity profile of the group’s funding.
Peter Crook, Chief Executive Officer, said: "I am delighted that Provident Financial has completed its fifth retail bond and that the bond is trading well in the secondary market. The retail bond market remains a core leg to our funding strategy."
Barclays Bank PLC and Numis Securities acted as joint lead managers.