The investment was made by funds controlled by Centerbridge Partners, L.P., a leading private investment firm, which acquired Tier 2 bonds issued by Aldermore bank plc. This represents Aldermore's second successful capital raise in less than a year after the bank secured a £62 million equity investment from a number of blue-chip investors last September. This investment strengthens Aldermore's position as one of Britain's most strongly capitalised banks.
The new funds will enable Aldermore to continue to meet the strong demand for its accounts and services from both retail customers and small and medium sized enterprises (SMEs), whilst retaining its focus on credit quality. Aldermore now has 65,000 retail depositors, 4,300 residential mortgage customers, and has lent £812 million to over 10,000 SMEs.
Phillip Monks, Aldermore's Chief Executive, said:"We are delighted to secure the participation of another blue-chip investor - and for the ongoing support from our founder investors, AnaCap Financial Partners and Morgan Stanley Alternative Investment Partners. The new funds provide us with the opportunity to do even more to champion Britain's small businesses, the lifeblood of our economy. Our strong capital position also enables us to look at a number of new product and service launches to further meet the needs of our customers. I would like to thank all our investors for the confidence they have shown in Aldermore as we strive to do things differently."
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With equity backing provided by funds advised by AnaCap Financial Partners, Morgan Stanley Alternative Investment Partners, Goldman Sachs Asset Management, Honeywell Capital Management, and Ohio Public Employees Retirement System, Aldermore is dedicated to responsible lending to UK homeowners and small and medium sized businesses
As a British bank, Aldermore is regulated by the Financial Services Authority and is registered under the Financial Services Compensation Scheme, which means customers' savings are protected up to the statutory limit of £85,000 per person. Aldermore is also a member of the Council of Mortgage Lenders.
Aldermore's total balance sheet assets currently stand at £1.7 billion and this is growing at approximately £70 million per month. The Bank's balance sheet is forecast to close in 2012 with assets of £2.5 billion.
Since 2009, Aldermore has lent £812 million to over 10,000 SMEs. It funded £1.6 billion of client invoices through its invoice finance business in 2011.
Aldermore has made available to over 4,300 people loans for residential mortgages, totalling £574 million.
Aldermore has retail deposits of £1.5 billion and over 65,000 account holders. The bank broke even in June 2011 after only two years of trading, two months earlier than planned.
Centerbridge Partners, L.P. is a private investment firm with offices in New York City and London and approximately $20 billion in capital under management. The firm focuses on private equity and credit investments. The firm is dedicated to partnering with world-class management teams across targeted industry sectors to help companies achieve their operating and financial objectives.