PRESS: Lloyds Banking mulls buying FirstRand’s Aldermore - Sky News

Lloyds Banking Group PLC is considering buying FirstRand Ltd’s Aldermore, a motor finance-exposed lender which has been put up for sale, Sky News reported Monday.

Lloyds, the Edinburgh-based financial services company, has begun preparations for a possible bid for the Reading, England-based bank.

Lloyds’s consideration to buy Aldermore is due to its small business lending and project finance capabilities, Sky said, citing City sources.

However, the sources cautioned that it was by no means certain that Lloyds will proceed with a formal bid.

Back in May, Sky had reported that Shawbrook Group PLC, an Essex, England-based digital banking platform, was considering to merge with Aldermore.

Lloyds shares rose 3.1% to 108.38 pence each on Monday afternoon in London, while FirstRand shares were down marginally at R 98.87 in Johannesburg.

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