07:32, November 06 544 0

2017-11-06 07:32:08
Three City firms line up for £1bn Aldermore takeover

Linklaters is advising challenger bank Aldermore on its potential £1.1bn sale to DLA Piper client FirstRand.

Corporate partner Iain Wagstaff is leading the Linklaters team for Aldermore, supported by associate Alex Lehtinen.

South Africa-headquartered FirstRand has turned to DLA Piper, whose team is understood to be led by UK head of corporate Charles Cook.

On the financial side, Ashurst banking partner Tim Rennie and corporate partner Karen Davies are advising FirstRand’s adviser Credit Suisse in relation to the offer.

Aldermore revealed it had received an offer from FirstRand this morning as part of its interim management statement for Q3 2017.

The bank, which listed on the London Stock Exchange in 2015, said its new lending figures had grown to £2.4bn, driving loan book growth of £0.9bn to £8.4bn.

FirstRand is South Africa’s largest financial services institution and is listed on the Johannesburg Stock Exchange.