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Aldermore completes integration with vehicle finance business

Sam Monk | 14:38 Monday 13th May 2019

Aldermore has completed its integration with vehicle finance business MotoNovo Finance.

The incorporation aims to provide strategic benefits for both sets of customers.

“With a broader customer base, we can harness the combined strength and energy of our two like-minded organisations to achieve great things for all our customers,” said Phillip Monks, CEO at Aldermore (pictured above).

“We already benefit from similar customer-focused cultures and there is now a real opportunity to build our respective strategies together, armed with the firepower of our parent FirstRand.”

Financial services group FirstRand acquired Aldermore in March 2018.

Mark Standish, CEO at MotoNovo Finance, added: “Joining the recently acquired Aldermore family brings us the strategic benefits of greater sustainability through a lower cost of funds and greater diversification.

“MotoNovo will now begin to write new business from Aldermore’s balance sheet, a move that will put us in a far stronger competitive position.”

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