Aldermore Bank is a retail bank which provides financial services to small and medium-sized businesses. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
History
Aldermore was established by Phillip Monks with backing from private equity company, AnaCap Financial Partners LLP, in early 2009.
The acquisition of Ruffler Bank in May 2009 provided Aldermore with its banking licence and an asset finance business which was combined with the commercial mortgage business of Base Commercial Mortgages, a small mothballed operation.
AnaCap purchased Cattles Invoice Finance from Cattles PLC in 2009, and in 2010 the division became part of Aldermore.
It raised £62 million of further investment from a consortium of funds managed by Goldman Sachs Asset Management, Honeywell Capital Management, and the Ohio Public Employees Retirement System in August 2011 and it received an additional capital investment from Centerbridge Partners when it issued a £36 million subordinated bond in May 2012.
In 2012 the bank reached its first full year of profits in its third year of operations.
Aldermore was recognised as a ‘challenger’ bank by the media, and launched a successful initial public offering in March 2015, with an opening market capitalisation of approximately £651 million.
Operations
Aldermore provides financial services to small and medium-sized businesses. Its services include retail and business savings and asset and invoice finance, as well as commercial and residential mortgages.
The bank offers lending across the following areas: asset finance, invoice finance, SME commercial mortgages, buy-to-let mortgages and residential mortgages. Its lending activity is largely funded by the deposits it receives from business and personal savers.
Aldermore has no branch network but serves customers and intermediary partners online, by phone and face to face through its regional offices. It was also the first bank to offer this service and publishes this customer feedback unedited on its website.
Affiliations
Aldermore is the sponsor of the National Association of Commercial Finance Brokers (NACFB), and a member of the Council of Mortgage Lenders. Aldermore is a member of the following bodies: the British Bankers' Association, the Finance and Leasing Association, the Asset Based Finance Association, the Council of Mortgage Lenders and the Intermediary Mortgage Lenders Association.
References
External links
- Official website