It’s been 10 years since Specialist Bank Aldermore launched in May 2009.
It has achieved 10 consecutive years of loan growth and became profitable in 2012 with over 40% of residential lending being completed by first-time buyers.
Phillip Monks OBE, chief executive officer, said: “The response to the financial crash of 2008 needed to be new and radical; the traditional ways of doing things in the banking sector was over.
“That’s where Aldermore began its journey as a specialist bank. Our success has been to rise to the challenge of delivering customers’ changing requirements and expectations in a fierce and often fractured financial sector.
“I’m proud of the innovative financial alternatives we have made available in the sector; offering competitive choices to businesses, homeowners and landlords whilst having a sustained philosophy of treating customers as individuals rather than numbers.
“This will continue under the ownership of FirstRand, an organisation which shares our values and I’m certain it’s an approach that will bring continued success in the decade to come.”
It has reached a milestone of over £3bn of business finance lending, grown from 30 to over 1,000 employees, trained over 600 brokers since launching the Aldermore Broker Training Academy in 2014 and won over 70 awards across savings, mortgages and business finance
Economic secretary to the treasury and city minister John Glen MP added: “Aldermore has made a vital contribution to the UK retail banking sector as a challenger bank that creates greater choice for consumers and business.
“Competition and innovation are at the heart of my vision for UK financial services, and I recognise the crucial role challenger banks play in driving this forward.
“The government has already taken action to encourage new banks to enter the market, and will continue to work with regulators and industry to ensure that we create the right environment for their continued growth to benefit consumers and business across the country.
“I congratulate Aldermore on its 10-year anniversary as we work to create a strong, competitive financial services sector, and wish everybody at Aldermore further success for the future.”
Aldermore recently published positive half year results including pre-tax profits reaching £74.7m, return on equity at 16%, loan growth increase by 4% to £9.4bn, and net interest margin maintained at 3.6%.
Pat Butler, chairman, said: “10 years ago, the world was in the midst of a deep financial crisis and many small and medium sized businesses in the UK saw their financial support dry up virtually overnight.
“Against this background, Aldermore led the charge of a group of new breed of banks bringing a fresh approach and new thinking to fill the gap for these SME businesses and helping keep the UK economy afloat. It then went on to do the same thing in buy to let mortgages.
“Much has happened in the economy and the financial markets since then, and Aldermore remains at the vanguard of this group of challengers, and continues to offer new and sustainable financing solutions to the UK’s business, home owning and saving communities.
“This success is thanks to strong and bold leadership and the hard work of skilled and dedicated colleagues across the UK. As it reaches its first 10 year milestone Aldermore clearly has an exciting and prosperous future and I am delighted to be part of this. Happy Birthday!”