PRESS: Shawbrook mulls merger with FirstRand's Aldermore - Sky

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Shawbrook Group PLC is considering to merge with competitor bank Aldermore, Sky News reported Monday.

The Essex, England-based digital banking platform is reportedly in the early stages of considering whether to make an offer for Reading, England-based Aldermore, which has been put up for sale by its South Africa-based owner FirstRand Ltd.

Industry sources would be ‘surprised’ if Shawbrook would not participate in the sale process, Sky reported.

It was not clear whether FirstRand might seek to sell Aldermore with or without Motonovo, its car finance arm.

FirstRand shares closed 2.7% higher at R 92.07 each on Monday in Johannesburg. Shawbrook shares were not traded on Monday, as London markets were closed for the spring bank holiday.

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