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Report: Provident Czech Republic secures license to offer consumer loans

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Report: Provident Czech Republic secures license to offer consumer loans

Czech nonbanking loan provider Provident Financial s.r.o. received a license from the Czech central bank to provide consumer loans in the country, E15 reported Feb. 26.

Under local consumer lending legislation from December 2016, Czech nonbanking firms wishing to offer loans or act as intermediaries on the Czech loan market had to apply for a license with the central bank by the beginning of March 2017, with license requests filed by 112 entities, news agency CTK said in December 2017. The conditions to receive a license include having capital of at least 20 million Czech koruny, the ability to verify the origin of funding used for loans, and credible management.

The Czech regulator has until May 31 to review the license applications. The central bank has reportedly issued 13 nonbanking licenses so far, E15 said.

International Personal Finance Plc is the ultimate parent of Provident Financial s.r.o.

As of Feb. 26, US$1 was equivalent to 20.63 Czech koruny.