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Aldermore to help bridge SME funding gap created by ING withdrawal

POSTED: 15th November 2012
IN: Newsroom
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British challenger bank Aldermore says it intends to increase its asset finance activities significantly in order to help bridge the funding gap created by ING’s recent announcement to withdraw from the UK market.

The impending closure of the Dutch bank's UK leasing subsidiary is expected to create a funding shortfall of over £1bn a year for British businesses. However, Aldermore has already accelerated its asset finance growth plans in response to the news and has immediately launched a recruitment drive to boost staff numbers.

George Ashworth, Managing Director of Aldermore Asset Finance, said: "We have a highly efficient asset finance operation based in Reading that has proven its ability over the past year. Business owners and finance brokers can be assured that we are responding quickly to minimise the effect of ING's withdrawal from the market."

Aldermore, which has already seen its asset finance broker volumes increase by 40% as a result of ING's announcement, confirms that whilst its immediate priority is to ensure that existing clients continue to receive a high quality service, it has the resources to make a significant step change increase in new business activity.

Brokers who have previously referred business to ING and who want to join Aldermore's broker panel should register their interest as soon as possible. Brokers should contact Aldermore Bank, 4th Floor, Block D, Apex Plaza, Forbury Road, Reading RG1 1AX, Tel: 01189 556622 or send an e-mail to Rebecca.smith@aldermore.co.uk.

Ashworth concluded: "The news about ING has understandably caused a degree of market nervousness but we have the funding, resources and commitment to minimise the impact of this development on the market. Our rapid response is further evidence of Aldermore's commitment to champion the cause of businesses owners across the country."

**Ends**

For further information journalists can contact:

Josh Cooper, PR consultant                                 Office: 01654 791385

josh@cooper-consultants.co.uk                       Mobile: 07768 355265

For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page. 

Since 2009, Aldermore has been championing British SMEs; the bank has a commitment to shaking up the world of banking by providing an alternative source of finance for SMEs. In the interview above, Mark highlights that much of the bank's success has come from its philosophy of understanding the needs of small businesses.  

"Aldermore set itself up to be a lender to the SME community and we therefore focused our energies on developing lending products, criteria systems and services to meet that demand.

"They [SMEs] can communicate with the bank in a very simple and easy way and they can expect fair conditions and fair pricing."

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