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Chancellor welcomes over £1bn of new SME lending by Aldermore
Aldermore, one of Britain's leading challenger banks, has now lent more than £1 billion to small and medium sized enterprises (SMEs) since first opening its doors for business in the summer of 2009.
The news was announced alongside a visit by the Chancellor of the Exchequer George Osborne to Aldermore's offices in Wilmslow.
The Chancellor, George Osborne said: "It's great to see new banks like Aldermore entering the market and shaking up the competition. They are rightly proud of what they have accomplished on SME lending over the last three years, and I hope their support for this important sector will continue to grow strongly.
"I am very pleased that they've joined our Funding for Lending Scheme, which is helping businesses and families borrow affordably, and supporting banks like Aldermore that want to lend more. It's great to have Aldermore creating jobs and supporting customers here in Wilmslow."
Supporting SME customers to finance and grow their businesses has been one of the cornerstones of Aldermore's strategy since its launch. Today Aldermore has around 12,000 SME customers and have increased their client base by 52% in the past year whilst many other banks are scaling back their SME loan books.
The news comes just after the Government
announced it was establishing a new Business Bank that will help
stimulate and diversify the business finance market in the UK,
recognising the important role of new lenders such as
Phillip Monks, Chief Executive of Aldermore, said: "This is fantastic news for Aldermore and for our SME customers at a time when the general economy and lending to British businesses have been in the doldrums. While other lenders have been cutting back, Aldermore has consistently increased its lending volumes. Our strategy of being the SME champion is clearly working and we will keep supporting our customers who are the lifeblood of the UK economy."
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Notes to Editors
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 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, twenty-first 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.