UK Personal Finance Provider Set To Enter Foreign Markets

Wed, 19 Sep 2007

Unsecured loan provider International Personal Finance has announced plans to enter India by the start of 2009.

The UK provider of unsecured personal loans in six overseas countries said first-half profits for the year rose by 2.4 per cent, as it added customers to its portfolio and set aside less money for doubtful loans, the company said.

Shares in IPF began trading on the London Stock Exchange in July, following its split from Provident Financial – UK lender to low-income households.

The Yorkshire-based company currently has 1.9 million customers with bases in markets, which include Poland, Hungary, Czech Republic, Mexico and Slovakia .

Chairman Christopher Rodrigues commented: "IPF has a robust business model with a strong balance sheet and secure sources of medium-term funding for our growth plans."

"We expect further progress in the second half."

Rodrigues added that there are plans for the company to enter the Russian market in the first quarter of 2008, followed by Ukraine and India by early 2009, although its first attempts will be to expand throughout central Europe .
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