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Financial firm Provident Financial says to leave Slovakia

Xinhua, February 29, 2016 Adjust font size:

Provident Financial, a leading non-banking financial company in Slovakia, is leaving the country, a company spokesman said Monday.

"New legislation in Slovakia has significantly altered the rules for providing loans and above all for voluntary additional services. This has led in fact to new regulations concerning the cost of these products, and it's impossible for the company's existing product portfolio to be supplied without financial losses," stated firm spokesperson Nick Jones

According to new legislation that came into effect as of September of last year, non-banking companies are forbidden from charging higher interest rates on loans than banks, with the maximum annual rate set at 37.54 percent.

Stefan Dutko, chairman of the "It's Worth Defending Yourself Association," said many clients had taken Provident to court, in particular because the firm has been imposing extra charges for services. If the clients win, not only will they avoid paying the charges but also the interest charged on their loans.

Provident Financial plc is a British financial services group specialized in credit cards, home collected credit, online loans and consumer car finance. Provident began operating in Slovakia in 2001. Endit