Aldermore pledge to help bridge funding gap for SMEs
British challenger bank Aldermore says it intends to increase its asset finance activities significantly in order to help bridge the funding gap created by ING’s recent announcement to withdraw from the UK market.
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The impending closure of the Dutch bank’s UK leasing subsidiary is expected to create a funding shortfall of over £1bn a year for British businesses. However, Aldermore has already accelerated its asset finance growth plans in response to the news and has immediately launched a recruitment drive to boost staff numbers.
George Ashworth, Managing Director of Aldermore Asset Finance, said:
“We have a highly efficient asset finance operation based in Reading that has proven its ability over the past year. Business owners and finance brokers can be assured that we are responding quickly to minimise the effect of ING’s withdrawal from the market.”
Aldermore, which has already seen its asset finance broker volumes increase by 40% as a result of ING’s announcement, confirms that whilst its immediate priority is to ensure that existing clients continue to receive a high quality service, it has the resources to make a significant step change increase in new business activity.
Brokers who have previously referred business to ING and who want to join Aldermore’s broker panel should register their interest as soon as possible.
Ashworth concluded: “The news about ING has understandably caused a degree of market nervousness but we have the funding, resources and commitment to minimise the impact of this development on the market. Our rapid response is further evidence of Aldermore’s commitment to champion the cause of businesses owners across the country.”
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