MotoNovo Finance has completed its integration with Aldermore, following the bank’s acquisition by FirstRand in March 2018.
The integration marks the amalgamation of FirstRand’s UK operations in retail, business and motor finance. By integrating the two firms, FirstRand hopes to fund new MotoNovo business through Aldermore’s deposit base and securitisation operations.
“Joining the recently acquired Aldermore family brings us the strategic benefits of greater sustainability through a lower cost of funds and greater diversification,” said Mark Standish, chief executive of MotoNovo Finance. “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.”
Philip Monks, chief executive of Aldermore, added: “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 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.”
There will be no changes to the team of MotoNovo Finance’s field-based account managers or at the company’s Cardiff-based head office. The only change to partner dealers and customers with regard to new business is that this will now be written directly in the name of MotoNovo Finance Limited.
Standish concluded: “Now we have successfully completed our integration with Aldermore, our focus for the future is on maximising the opportunities opened up by digitisation, product innovation, and regulatory reform for ourselves, our dealers, and their customers.”
MotoNovo Finance has been owned by the FirstRand group since 2006.