Aldermore grows assets to over £1 billion and moves into profitability

• Posted: 31 July 2011
• In: General Bank
• Tags: Supporting UK Business, Lending, Intermediary News

Aldermore announces that after starting in 2009, it has broken even and accumulated total assets of over £1 billion. Aldermore is a new face in the British banking sector and is focused on lending to small and medium sized businesses (SMEs) and UK homeowners. The bank now has loans of over £800m to 9,500 customers and 42,000 deposit accounts.

Phillip Monks, Chief Executive at Aldermore, said: "Reaching the significant milestone of £1 billion of assets and passing break-even earlier than planned and so soon after starting-up in 2009, is a fantastic achievement for Aldermore.

"Aldermore is a new, fast-growing and value-driven bank. We are succeeding by delivering great service and value to SMEs and UK consumers. We use our expertise to provide straightforward savings and lending products with minimal bureaucracy. We have a strong capital base and none of the legacy issues which dog the banking industry in general. This means we are forward looking for the benefit of our customers and well positioned to continue to grow strongly and reliably.

"This growth has enabled us to increase employee numbers from an initial 35 to over 430 today, and we continue to attract great people who are enthused by what we are able to offer our customers."

Aldermore's announcement comes just a week after the Bank of England's latest 'Trends in Lending' figures revealed that lending to UK businesses had contracted by £4 billion in the three months to May. Despite the overall decline in lending, Aldermore is bucking the downward trend and has made loans to SMEs of almost £350 million in the last 12 months.

Phillip Monks added: "These numbers demonstrate our commitment to the SME sector, UK savers and homeowners at a time when other banks are scaling back lending.  I would like to pass on our heartfelt thanks to our customers and staff for their ongoing commitment and support."

Ends

For further information journalists can contact:

Andrea Coleman / Sam Turvey, Maitland

Office: 020 7379 5151

Journalists can download hi-res photos and other information by going to: www.mediacentre.info/aldermore

 

Notes to Editors           

About Aldermore Bank Plc

Aldermore is a new name in British banking and is one of the most strongly capitalised banks in the UK.

With backing provided by AnaCap Financial Partners LLP, a specialist private equity firm and Morgan Stanley Alternative Investment Partners, Morgan Stanley's Private Equity Fund of Funds business, Aldermore raises deposits from consumers and lends to homeowners and small and medium sized businesses.

Aldermore does not depend on the wholesale, securitisation or international capital markets and has not been involved in any banking activities or the marketing of any exotic products which have been the cause of problems for so many financial institutions.

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's service is founded on real market expertise and empathy with its customers' needs; offering consistently competitive rates and terms and providing a refreshingly straightforward service. In short, we aim to be different from other banks, easy to do business with and dependable.

About AnaCap Financial Partners LLP

Established in 2005, AnaCap is a specialist private equity firm focused on making investments in the financial services sector across Europe.

AnaCap and its affiliated funds have raised more than £827 million of committed capital from highly regarded global institutional investors including Adams Street Partners, Goldman Sachs, Honeywell, Morgan Stanley Alternative Investment Partners and Allianz.

AnaCap's portfolio in the UK includes Syscap, Conduit Capital Markets and Apex Credit Management. Cattles Invoice Finance was acquired in August 2009, which was subsequently rebranded Absolute Invoice Finance and sold to Aldermore in November 2009.

AnaCap also owns Credoma, a residential mortgage company based in the Czech Republic and Mediterranean Bank Plc which is based in Malta. In December 2009 AnaCap announced its intention to acquire Banco Popolare Ceska Republika, the Czech subsidiary of Italy's Banco Popolare, subject to confirmatory due diligence and all regulatory approvals.