Aldermore's Net Lending Continues to Support the UK Economy
LONDON, December 18, 2012 /PRNewswire/ --
The Bank of England released Funding for Lending Scheme figures last week highlighting that during the third quarter of 2012, UK challenger bank Aldermore's net lending of £228m to the UK economy was in the top five of all the lenders in the Scheme, at a time when a number of the UK's largest banks are reducing their overall lending.
Furthermore, the figures also show that relatively Aldermore is increasing its lending across both retail and commercial customers at a faster rate (15%) than any of the other lenders in the top five, made up of Aldermore, Coventry Building Society, Virgin Money, Nationwide Building Society, and Barclays.
This further highlights the increasing trend by Aldermore of lending to both households and businesses - as it was recently announced by the Bank that it has lent over £1billion to SMEs (small- and medium-sized enterprises) since it began operating in 2009.
Aldermore's Chief Financial Officer, John Baines, said: "The UK economy needs banks that are willing to lend and for a bank that only started operating in 2009, having one of the highest net lending figures is testament to our commitment to supporting British SMEs and households. Aldermore's mission is to get much-needed funding to where it is needed - we are doing just that by increasing our lending at a time when the largest UK banks are dramatically scaling back their lending."
Aldermore is a new British bank and one of the best capitalised banks in the UK. With backing provided by AnaCap and Morgan Stanley Alternative Investment Partners, Morgan Stanley's Private Equity Fund of Funds business and new investment from the consortium of funds managed by Goldman Sachs Asset Management, Honeywell Capital Management and the Ohio Public Employees Retirement System, 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 is also a member of the Council of Mortgage Lenders.
Aldermore markets its lending products (including factoring and small business solutions as well as mortgages and savings products offering the best cash ISA rates for example) via professional financial advisers and specialist commercial finance brokers located throughout England and Wales.
About AnaCap Financial Partners
Established in 2005, AnaCap is Europe's largest specialist private equity investment advisor in the financial services sector. Based in London and investing across Europe, AnaCap advises funds with more than €1 billion under management. AnaCap's funds invest in businesses with high growth potential and strong management teams. AnaCap works with management teams to improve infrastructure and business processes. It employs sophisticated, 21st-century technology to create low-cost, scalable, sustainable and highly digital-based platforms. AnaCap's day-to-day support allows management to pursue growth strategies in the most efficient and effective manner.
AnaCap's team of professionals also assists investee companies in assessing and reducing key credit and market risks. This expertise in risk and liability management is a key factor in the strong performance of AnaCap's portfolio.
The success of AnaCap's investment strategy and team has attracted investment from highly regarded global institutional investors including Goldman Sachs, Allianz, Morgan Stanley Alternative Investment Partners, Honeywell, State of New Jersey and Adams Street Partners.
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