Aldermore assets break £1bn barrier

NEW bank Aldermore has broken even, two years after its launch, and has accumulated total assets of more than £1 billion, the company said yesterday.

Aldermore, which was set up in 2009 and is backed by private equity companies AnaCap and Morgan Stanley Alternative Investment Partners, said it now had loans of more than 800 million for 9,500 customers, and had 42,000 deposit accounts. Aldermore and other new entrants to the sector, such as Metro Bank, are aiming to challenge the dominance of Britain's "big four" banks.