South African lender Aldermore enters race for Co-op Bank

By Daily Mail City and Finance

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South African lender Aldermore enters race for Co-op Bank Share or comment on this article:

Updated: 17:35 EDT, September 19, 2023

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

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