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Aldermore listing to raise S$154m

[LONDON] British bank Aldermore said on Friday it plans to list on the stock market this month, setting a price range that implies a market capitalisation of about US$1.29 billion Aldermore, partly owned by private equity fund AnaCap Financial Partners, focuses on lending to small and medium sized businesses and homeowners.

The bank said in a statement that a price range has been set at between 217 and 265 pence per share, with the listing expected to raise about £75 million(S$154 million). Final pricing is expected to be announced on or around Oct 17, the bank said in a statement.

Earlier this week peer bank Virgin Money said it intends to raise £150 million from a stock market listing.

Aldermore will be the fourth British bank to float this year, following TSB and OneSavings.

Britain's government is keen to see more competition in high street banking which is dominated by five large players. Regulators have eased capital rules to make it easier for newcomers to enter the market.- Reuters