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Competition Watchdog Probes £1.3B Subprime Lender Merger

Law360, London (May 29, 2019, 4:03 PM BST) -- Britain's competition regulator announced Wednesday it is investigating short-term lender Non-Standard Finance's proposed £1.3 billion ($1.64 billion) hostile takeover of rival Provident Financial, citing concerns that jettisoning parts of its business could still reduce options for consumers who struggle to borrow cash from mainstream lenders. 

The Competition and Markets Authority also said it's accepting comments on the impact of the merger, which if approved would combine rivals and some of the U.K.'s largest home credit providers. 

NSF has proposed spinning off its home credit business, Loans at Home, into a separate company to head off the regulator's concerns. Both lenders give cash to...

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