Aldermore raises £62m to expand

Aldermore, a recent entrant to the retail banking market, has raised £62m from investors to expand and develop its business.

The new money has come from institutions including Goldman Sachs Asset Management, Honeywell Capital Management and the Ohio Public Employees Retirement System.

Philip Monks, Aldermore's chief executive, said: "This investment gives us an excellent platform for continued growth and to offer real choice and competition in the UK banking market."

Aldermore is among a clutch of new banks aiming to challenge the dominance of the "big four" in the wake of the credit crisis. Other new entrants include Metro Bank, Haymarket Financial and NBNK.