Aldermore's Net Lending Continues to Support the UK Economy

Aldermore's Net Lending Continues to Support the UK Economy PR Newswire LONDON, December 18, 2012 LONDON, December 18, 2012 /PRNewswire/ -- The Bank of England released Funding for Lending Scheme figures last week highlighting that during the third quarter of 2012, UK challenger bank Aldermore's net lending of £228m to the UK economy was in the top five of all the lenders in the Scheme, at a time when a number of the UK's largest banks are reducing their overall lending. Furthermore, the figures also show that relatively Aldermore is increasing its lending across both retail and commercial customers at a faster rate (15%) than any of the other lenders in the top five, made up of Aldermore, Coventry Building Society, Virgin Money, Nationwide Building Society, and Barclays. This further highlights the increasing trend by Aldermore of lending to both households and businesses - as it was recently announced by the Bank that it has lent over £1billion to SMEs (small- and medium-sized enterprises) since it began operating in 2009. Aldermore's Chief Financial Officer, John Baines, said: "The UK economy needs banks that are willing to lend and for a bank that only started operating in 2009, having one of the highest net lending figures is testament to our commitment to supporting British SMEs and households.