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Aldermore eyes Co-op Bank takeover – reports

  • 19/09/2023
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Aldermore eyes Co-op Bank takeover – reports
Aldermore Bank has reportedly set its sights on buying out the Co-operative Bank.

A news report from Sky News said the lender has appointed financial services firm BNP Paribas to table an offer for the Co-op Bank. 

The Co-op Bank has reportedly been seeking a buyer since April this year, and Aldermore is said to be up against Shawbrook, Paragon Banking Group and OSB in a bid to acquire the lender. 

Last month, Sky News revealed that Shawbrook was seeking a merger deal with Co-op Bank in an agreement worth £3.5m. Shawbrook has recently expanded its profile following the buyout of specialist lender Bluestone Mortgages. 

Shawbrook declined to comment on this offer.

According to Reuters, Co-op Bank has given a deadline of October for potential buyers to make a bid. 

Its most recent results for the first half of 2023 showed that the Co-op Bank had completed £1.52bn in new mortgage completions and delivered a profit before tax of £61.8m. Its performance was relatively flat on the same period in 2022. 

Last month, it agreed to purchase Sainsbury’s Bank’s mortgage portfolio comprising 3,500 customers with balances of around £479m. 

Both the Co-op Bank and Aldermore declined to comment when approached by Mortgage Solutions. 

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