South African lender Aldermore enters race for Co-op Bank
Target: Aldermore is in talks with investment bankers about the size and structure of the Co-operative Bank
Aldermore is the latest suitor to join the battle for The Co-operative Bank.
The mid-sized consumer and business lender, owned by South African group FirstRand, is in talks with investment bankers about the size and structure of a potential acquisition deal, according to Sky News.
Rival Shawbrook Group is understood to have approached The Co-Op Bank a month ago about a merger that valued it at around £800m.
Last week, the owners of The Co-op Bank set a deadline of early October to submit non-binding offers, kicking off a long-awaited sale process for the High Street bank. Sources suggested that Aldermore plans to submit a bid before this deadline.
Co-Op Bank more than quadrupled profits in 2022 to £132.6m