Aldermore, the specialist bank, today announces the completion of its integration with vehicle finance business, MotoNovo Finance, marking a key milestone following Aldermore’s acquisition by FirstRand last year. This move is expected to bring benefits to the customers of both Aldermore and MotoNovo Finance.
A new company, MotoNovo Finance Limited, has been incorporated within the Aldermore group, with the combined businesses offering strategic benefits and synergies for three quarters of a million customers between them.
In March 2018, FirstRand, the largest financial services group in Africa by market capitalisation, acquired Aldermore. FirstRand has been the owner of MotoNovo since 2006.
Phillip Monks, CEO, Aldermore, said: “This is a very exciting step in Aldermore’s journey as we join forces with MotoNovo Finance, one of the largest lenders in motor finance.
“This move will create real benefits for our customers and shareholders. It brings together the precocious entrepreneurialism of two organisations which together can achieve even more.
“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. 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.”
MotoNovo Finance CEO, Mark Standish, views the integration as the latest exciting step forward for the motor finance business, commenting: “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.”
The day-to-day running of the businesses will continue as usual, and the focus will remain on providing a seamless service to customers.