Challenger bank Aldermore announces intention to float
CHALLENGER bank Aldermore has announced its intention to float on the London Stock Exchange next month, aiming to raise £75m.
Aldermore, which has offices in Newhall Street in Birmingham, focuses on lending to SMEs and homeowners.
The offer will consist of new and existing shares.
Chief executive Phillip Monks said: “Aldermore is a modern, legacy-free bank that challenges the established view on what banking should be. We deliver straightforward products and sector expertise to customers in underserved market segments that offer attractive risk-adjusted returns. Our offering benefits from modern digital infrastructure and proven distribution channels and is underpinned by a diversified funding base and robust capital position.
“Now in our sixth year of growth, becoming a public company is the natural next step in Aldermore’s evolution and positions us for the next stage of our development through greater access to the capital markets and enhanced profile for our brand.”
Aldermore reported pre-tax profit of £18.6m for the six months ended June 30 2014, an increase of 249% on the figure of £5.3m for the first half of 2013.
