CVC Prepares Aldermore Bid
Private equity firm CVC Capital Partners is reportedly preparing a takeover bid for British lender Aldermore ahead of a September deadline. FirstRand decided to exit the bank after raising provisions following a UK motor finance scandal.
CVC Capital Partners PLC is preparing a takeover bid for British lender Aldermore, joining a competitive auction process for the bank. The private equity firm is expected to submit its proposal before a September deadline following months of preparation. United Kingdom challenger banks have drawn heightened interest amid sector consolidation.
FirstRand Ltd put Aldermore on the block after motor-finance provisions surged to £750M following a mis-selling scandal. South Africa-based FirstRand announced its exit plans in April.
