The Czech competition authority has granted approval for Provident Financial s.r.o. to acquire a part of EC Financial Services, a.s., specifically the Express Cash Division. This decision was made under a simplified procedure, indicating a straightforward assessment of the merger.

The authority determined that the transaction would not lead to a substantial distortion of competition within the Czech Republic. Provident Financial operates as a non-bank consumer credit provider and is part of the International Personal Finance PLC group, which offers consumer loans in various European countries and beyond.

EC Financial Services is also a non-bank credit provider in the Czech market, with its Express Cash Division focusing on unsecured cash loans and managing an active loan portfolio. The authority noted that the activities of the merging companies in the consumer credit market do not significantly overlap in a way that would restrict competition, leading to the approval of the merger.