New challenger bank OakNorth set to open its doors in summer 2015 February 19, 2015 Challenger bank OakNorth expects to secure a license shortly, meaning it could open as soon as this summer, with a strategy that aims to attract fast growth small businesses by mixing digital services with traditional lending. The new bank would be joining other challenger banks such as Aldermore, Virgin Money and Metro Bank, as they battle [...]
Aldermore IPO: Challenger bank plans to cut flotation price February 16, 2015 Aldermore is planning to offer shares for a knock-down price to make sure the bank’s stock market debut goes smoothly this time around, City A.M. understands. The challenger bank tried to float last September, but sudden market turmoil spooked investors and forced the lender to cancel the sale. This time around Aldermore hopes that strong [...]
Charter Court Financial Services launches new challenger savings bank – high interest and online-only January 7, 2015 Britain is set to get another savings bank as the wave of new firms receiving licences from the regulator continues to grow. Charter Court Financial Services yesterday said it had gained approval from the Prudential Regulation Authority to launch Charter Savings Bank. It will be an online-only savings bank, and its establishment opens up a new channel [...]
Challenger banks Virgin Money and Yorkshire Building Society call for RBS and Lloyds to be split up November 10, 2014 Small lenders are calling on the competition watchdog to look at breaking up RBS and Lloyds, arguing the market is too focused on giant players. The Yorkshire Building Society (YBS) and Virgin Money have both written to the Competition and Markets Authority (CMA) to push for the big banks to carve out more new challengers from [...]
Aldermore IPO: Challenger bank plans to win round buyers for float November 10, 2014 Challenger bank Aldermore plans to equal or even exceed its previous flotation plans when it comes back to the market to sell shares, its boss told City A.M. yesterday. The lender had to pull its initial public offering (IPO) last month when market conditions suddenly turned against it. But chief executive Phillip Monks said he [...]
Challenger bank Aldermore says IPO will still happen as lending lifts November 10, 2014 Challenger bank Aldermore, which pulled the plug on a planned London Stock Exchange listing last month, has posted promising third quarter results. Aldermore's total lending rose by 10 per cent in the third quarter, taking it to a 30 per cent increase since the beginning of 2014. This helped lift third quarter pre-tax profit [...]
Aldermore in US search for funds October 9, 2014 CHALLENGER bank Aldermore, which is trying to raise around £75m in a stock market flotation, is in New York making a last-ditch attempt to raise the funds. Advisers to the bank had hoped to have covered their books in London earlier this week but failed to get enough solid support. The bank has come to [...]
Aldermore IPO to value challenger bank at around £800m October 3, 2014 Aldermore has set a price range for its initial public offering that will value the challenger bank at around £800m. The price for the IPO will be set at between 217p and 265p per ordinary share. Trading is expected to begin as soon as 17 October. The five-year-old bank announced half-year profits of [...]
Virgin Money IPO: Challenger bank to float on stock market October 2, 2014 Challenger bank Virgin Money is floating on the stock market, chief executive Jayne-Anne Gadhia announced yesterday. The sale of the 25 per cent stake in the bank is expected to value the lender at between £1.5bn and £2bn. Major owners Virgin Financial Investments and US investment guru Wilbur Ross’ investment fund will sell down parts of [...]
Vince Cable’s plan to guarantee a challenger bank’s business loans September 24, 2014 One challenger bank will get a boost from the government when the British Business Bank guarantees its loans to small firms, under a pilot scheme to be launched at the end of October. It is Vince Cable’s latest plan to increase lending to SMEs, by taking risk away from the bank and on to the [...]