Subprime lender Amigo names finance chief Kerry Penfold as CEO

(Reuters) – British subprime lender Amigo Holdings on Thursday named finance chief Kerry Penfold as CEO to succeed Danny Malone, who announced his resignation earlier this year.

Amigo, which provides credit to borrowers excluded from mainstream banks, is in an “orderly solvent wind-down” after the cost of compensating customers for loans mis-sold in the past pushed it to the brink of collapse.

(Reporting by Eva Mathews in Bengaluru; Editing by Krishna Chandra Eluri)