Shoprite has the shoppers, Investec has the banking licence
The alliance combines retail reach with banking infrastructure, but turning grocery shoppers into active account holders will determine its success.
Investec is among the front runners in a process to acquire Aldermore, according to City AM. The South African lender, which maintains dual headquarters in the UK and South Africa, is interested in the banking unit but reportedly seeks to avoid Motonovo, the group's loss-making motor finance lender.
The sale process for Aldermore was initiated in April by Firstrand and has been narrowed down to several bidders. These include Lloyds, Investec, and a joint bid from private equity firms Warburg and Cerberus. Other entities that have expressed interest or prepared bids include Nationwide, Metro Bank, and CVC. Analysts at RBC estimated the wider Aldermore group could be valued between £1.1bn and £1.6bn.
Brief written by urgent.news from Moneyweb, City AM — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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