- Subprime lender Provident Financial said it had substantially resolved its outstanding regulatory issues as part of its campaign to rebuff a hostile £1.3bn takeover bid from Non-Standard Finance.

Provident's Vanquis and Moneybarn units have been the subject of probes by the UK's Financial Conduct Authority into lending practices that have weighed on the company's profits and share price.

'The board believes that Provident has substantially resolved all material outstanding regulatory issues with the FCA and has completed the search for a new managing director and a new chairman for Vanquis,' the company said.

Provident also said that it had a 'clear strategy to deliver attractive and sustainable shareholder returns', while claiming that NSF's bid had 'significant flaws'.

These included an apparent lack of experience among NSF's management in banking and credit cards' and a claim a takeover would "significantly impact the dividend trajectory' of the company.

Provident also claimed that NSF had 'an acquisition history of value destruction and its offer presents significant risk'.

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