Exclusive: Nationwide and Investec set to bid for alternative lender Aldermore
Investec and Nationwide are among the firms set to bid for alternative lender Aldermore as its South African owner First Rand fields first round offers for the company, Morning Wire can reveal.
The two lenders are likely to submit bids for the UK bank ahead of an initial deadline on Tuesday, sources said.
First Rand kicked off a sale process earlier this year after Aldermore was dragged into the motor finance misselling scandal via its motor lending division Motonovo.
In a note earlier this month, analysts at RBC estimated Aldermore’s valuation at £1.45bn including its motor finance business.
An Investec spokesperson said the company did not comment on market speculation. Nationwide declined to comment. Aldermore has been contacted for comment.
Lloyds is also set to submit a bid for the firm, while Natwest is also among the potential bidders, according to people familiar with the matter. Both banks declined to comment.
The interest from Aldermore’s rivals comes amid a wave of consolidation in Britain’s mid-market banking sector. Nationwide previously snapped up Virgin Money for £2.9bn in 2024 and Santander acquired TSB in 2025.
Metro Bank is also among the potential suitors, Sky News previously reported.
Private equity firm Warburg Pincus is also likely to submit a bid for the firm, sources told Morning Wire, while financial focused private equity firm JC Flowers and CVC are also set to team up on a joint bid, Morning Wire understands. CVC declined to comment and JC Flowers did not respond to a request for comment when contacted by Reuters, which first reported their interest.
Warburg Pincus declined to comment.