- Subprime lender Provident Financial said it had appointed Neil Chandler as managing director of its Vanquis Bank unit, while also posting its formal response rejecting a hostile takeover bid from Non-Standard Financial.

Chandler was most recently chief executive of Shop Direct Financial Services and had also been CEO of Sainsbury's Bank.

Provident Financial also announced that it had appointed Robert East as Vanquis Bank's new chairman.

East was currently chairman of Skipton Building Society and was a previous chief executive of Cattles.

In its response document, Provident Financial reiterated its claim that the Non-Standard Financial bid undervalued the company.

'It is strategically and financially flawed and presents significant risk in terms of both execution and shareholder value,' the company said.

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