(Reuters) – British lender Provident Financial Plc on Monday named a new managing director and chairman for its banking unit, which is at the heart of its defence against a 1.3 billion pound hostile takeover bid from Non-Standard Finance.
The company, which provides loans to people who do not meet the lending criteria of mainstream banks, said it had agreed to appoint Neil Chandler as Vanquis Bank’s managing director and Robert East as chairman of the unit.
Provident also reiterated its stance that NSF’s no-premium offer was not in the best interest of its shareholders, adding that it will explore options.
NSF on Monday urged Provident shareholders to accept the offer without delay.
(Reporting by Samantha Machado in Bengaluru; Editing by Bernard Orr)