Mr. Le May is expected to resume his duties in November. During this interim period, Patrick Snowball, Group President, will assume the role of Executive President.
In a business update released in May, Provident Financial said tighter underwriting rules resulted in lower business volumes in April, although it saw signs of a modest recovery in May.
The Bradford-based company, which provides credit to people who do not meet the lending criteria of traditional banks, said loans to existing customers in the consumer credit division are a third of expected volumes.
Provident is hoping to return its consumer credit division to profitability, after successfully fending off a hostile takeover bid from rival Non-Standard Finance last year.
However, the Covid-19 pandemic halted face-to-face visits due to the government lockdown, forcing the company to withdraw its targets for 2020.
Speaking in May, Mr. Le May said: “Although 2020 is a difficult and unprecedented year, the combination of our customer offering and our strong track record allows me to remain confident in the group’s ability to become a group. banking services for the financially disadvantaged population, while generating attractive returns for our shareholders in the medium term.
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