Target: Aldermore is in talks with investment bankers on the size and structure of the Co-operative Bank
Aldermore is the latest suitor to join the battle for The Co-operative Bank.
The mid-sized consumer and business lender, which is owned by South Africa’s FirstRand Group, is in talks with investment bankers on the size and structure of a potential takeover deal, according to Sky News.
Rival Shawbrook Group is understood to have approached The Co-Op Bank a month ago about a merger that valued it at around £800m.
Last week The Co-op Bank’s owners set an early October deadline for non-binding bids – kicking off a long-awaited sale process for the High Street bank. Sources suggested Aldermore plans to table a bid ahead of this deadline.
The Co-Op Bank more than quadrupled its profit in 2022 to £132.6m
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