You are here: Home - News -

No imminent plans for IPO – Aldermore

by:
  • 17/02/2015
  • 0
No imminent plans for IPO – Aldermore
Aldermore Bank has distanced itself from media reports that it plans to float on the London Stock Exchange within the next few months.

The bank also denied that it had held merger talks with TSB Banking Group, according to a Reuters report.

While Aldermore confirmed plans to relaunch its initial public offering which was abandoned in October last year, it has refused to announce a new date for flotation.

The challenger bank was valued at around £800m when it made the announcement, with ordinary shares expected to be priced between 217p and 265p.

Aldermore PR manager Andy Homer said: “Last year we announced that we were going to IPO and then we postponed that IPO. We’ve said that we will return when the time is right for the bank. We’ve made no further announcement.”

In an interview with Reuters, Aldermore CEO Phillip Monks dismissed claims made in a Times report that the bank had held talks with TSB regarding a takeover by its competitor.

“I haven’t had any conversations with TSB,” he said.

Annual results released by the bank on Tuesday revealed underlying profit more than doubled in 2014 on the previous year to £56m, with the residential mortgage book growth of 53% to £2.6bn.

Aldermore explained growth in its mortgage business was primarily driven by 19,000 new customers compared to around 13,000 at the end of 2013, as well as support from government schemes such as Help to Buy.

It said around 62% of its residential mortgage portfolio is currently made of buy-to-let properties, while its owner-occupied business aimed to support underserved customers including the self-employed, professionals and first-time buyers.

There are 0 Comment(s)

You may also be interested in

Read previous post:
A third of interest-only customers say ‘yes’ to free advice

It has perhaps gone a little bit quiet on the interest-only mortgages front. During 2013, interest-only mortgages were a hot...

Close