Aldermore

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Aldermore Bank PLC
TypeDivision
IndustryFinance
Founded2009
Key peoplePhillip Monks (CEO)
ProductsFinancial services
Websitewww.aldermore.co.uk
 
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Aldermore Bank PLC
TypeDivision
IndustryFinance
Founded2009
Key peoplePhillip Monks (CEO)
ProductsFinancial services
Websitewww.aldermore.co.uk

Aldermore is a retail bank which provides financial services to small and medium sized businesses (SMEs).[1] It has operated in the United Kingdom since 2009.[2]

The Bank provides retail and business savings and asset and invoice finance, as well as commercial and residential mortgages.[3]

Aldermore Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Bank is covered under the Financial Services Compensation Scheme for savings up to the value of £85,000 and is not affiliated with any other banking group.

History[edit]

Aldermore was established by Phillip Monks, CEO, with backing from funds advised private equity company, AnaCap Financial Partners LLP and Morgan Stanley Alternative Investment Partners, Morgan Stanley’s Private Equity Fund of Funds business. Funds, advised by AnaCap Financial Partners LLP, secured a banking license through the acquisition of Ruffler Bank, allowing Aldermore to launch in May 2009, providing retail savings, asset finance and commercial mortgages. An invoice finance business was acquired at the end of 2009, with the residential mortgage business launching in May 2010, as well as purchasing a small asset finance business in 2010.

Aldermore broke-even in mid-2011 after two years of trading, as well as raising £62 million of further investment in August 2011 from a consortium of funds managed by Goldman Sachs Asset Management, Honeywell Capital Management, and the Ohio Public Employees Retirement System.

In May 2012, Aldermore received an additional capital investment from Centerbridge Partners, issuing a £40 million subordinated bond. In June 2012 a range of business savings accounts were launched by the Bank. Aldermore was recognised as a ‘challenger’ bank by the media,[4] and in early 2013 had more than £2bn in balance sheet assets.

Affiliations[edit]

Aldermore is the sponsor of the National Association of Commercial Finance Brokers (NACFB),[5] and a member of the Council of Mortgage Lenders.[6]

References[edit]

  1. ^ Hurley, James. "Aldermore - A Dads Army Bank For SMEs". The Telegraph. Retrieved 21 January 2013. 
  2. ^ "How We Work". Aldermore Bank PLC. Retrieved 21 January 2013. 
  3. ^ "Our History". Aldermore Bank PLC. Retrieved 21 January 2013. 
  4. ^ Grice, Andrew. "Cable and Osborne on a Collision Course Over Small-Business Bank". The Independent (UK). Retrieved 21 January 2013. 
  5. ^ "NACFB - Working with Lenders". NACFB. Retrieved 16 October 2012. 
  6. ^ "Directory of Members and Associates". Council of Mortgage Lenders. Retrieved 16 October 2012. 

External links[edit]