- Non-Standard Financial said it had filed documents to the UK's Competition and Markets Authority in relation to its hostile takeover bid for rival sub-prime lender Provident Financial.

Non-Standard Financial said it lodged the documents after completing a detailed pre-notification engagement with the regulator.

The CMA's 40-day first phase review process had now commenced, it added.

Non-Standard Financial said it had acknowledged to the CMA that there was a realistic prospect of a significant lessening of competition in relation to home credit, should the deal proceed.

It had therefore agreed to divest the Loans at Home business to remedy the situation.

'We are pleased to announce another important milestone in our offer today,' chief executive John van Kuffeler said.

'We remain confident in the merits of our Offer and the benefits it will bring for Provident, its customers, employees and shareholders.'

At 9:39am:

[LON:NSF] Nonstandard Finance Plc share price was 0p at 48.55p

[LON:PFG] Provident Financial PLC share price was -11.2p at 461.4p

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