New lender Aldermore adopts "small and specialist" strategy

  • Story by: David Pawsey
  • Magazine: FinancialAdviser
  • Published Thursday , July 09, 2009

New lender Aldermore has promised a traditional "dependable" style of banking following its planned launch tomorrow.

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The bank, which is the result of a merger between Ruffler Bank and Base Commercial Mortgages, said it was adopting a "small and specialist" strategy.

Phillip Monks, chief executive of Aldermore, said: "Consumers and businesses do not buy into the misplaced belief of many banks that being big is best. In reality, big often means unfocused, inefficient and insensitive to client needs.

"At a time when big banks are amalgamating brands on a pan-European basis, we are happy to buck the trend and offer our clients a high quality service in which we will deliver against our promises and maintain clear lines of communication so that customers always feel valued."

Monks said while other banks' focus was on recovering from the credit crisis, Aldermore was able to concentrate on enhancing its range of services because it has not exposed to the activities which had damaged other financial institutions.

He said: "Being specialist has proven time and again to be a successful strategy for many thousands of British businesses and I believe banking is no different. It is time for banking to get back to its roots and that is what Aldermore is setting out to do."

For more on this topic, read next week's edition of Financial Adviser.