MotoNovo Finance has become part of Aldermore, following its successful integration with the UK specialist bank.
The announcement comes after Aldermore was acquired by FirstRand group in March 2018, and marks the successful coming together of FirstRand’s UK operations in retail, business and motor finance. The MotoNovo Finance business has been owned by the FirstRand group since 2006.
MotoNovo Finance CEO, Mark Standish views the integration as the latest exciting step forward for the motor finance company, 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.”
Both MotoNovo Finance and Aldermore Bank have gained recognition in their respective industries as businesses known for their disruptive ambitions and can-do cultures. The integration will bring together the best of both businesses.
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.”
There are no changes to the team of MotoNovo Finance’s field-based account managers or at the company’s Cardiff-based head office, and the only change to MotoNovo’s partner dealers and end customers with regard to new business is that this will now be written directly in the name of MotoNovo Finance Limited (a new company).
Mr Standish added: “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.”