Expanding UK bank Aldermore announced it has
raised £62m (€71m) in additional equity capital to fund growth.
The two year-old Peterborough-based bank and
lender will see further investment from its lead investor AnaCap
and continued investment from Morgan Stanley Alternative
Investment, both of whom were founding investors in the
company.
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A consortium of global investors also
contributed including funds managed by Goldman Sachs Asset
Management, Honeywell Capital Management and the Ohio Public
Employees Retirement System.
Phillip Monks, chief executive of Aldermore,
said: “This investment gives us an excellent platform for continued
growth and to offer real choice and competition in the UK banking
market.”
Aldermore said this increased investment
values the bank at a premium to book value, a reflection of its
profitability and compound annual growth rates in excess of
100%.
Aldermore, which opened in July 2009, has
loans of over £800m to 9,500 customers and 42,000 deposit accounts
and announced in July it had reached profitability with gross
assets in excess of £1bn.
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By GlobalDataThe bank’s asset finance arm, which opened for
business six months after the parent bank, reached the milestone of
£100m assets on the balance sheet in July.
Peter Cartwright, co-managing partner of
AnaCap and non-executive director of Aldermore, said: “We are proud
of the group of investors that has been assembled to support the
continued growth and development of Aldermore and are collectively
excited by the substantial commercial opportunity that remains
available to Aldermore as high street banks continue to neglect
significant sectors of the UK banking market”.
The new funds are subject to FSA regulatory
approval.
grant.collinson@vrlfinancialnews.com
