In a statement the bank said: “Due to the recent deterioration of global equity markets, Aldermore's Board and Shareholders have elected not to proceed at this time with the initial public offering of Aldermore.”
The firm stated that its long term investor AnaCap will continue to support its next phase of development.
The bank added: “Aldermore continues to perform strongly, with excellent organic loan growth and a proven track record of delivery through its modern, digital platform."
The announcement comes after predictions hit the press earlier this week that due to market conditions some thought the bank would have to cut the price of the offering or cancel the plans all together.
The announcement comes after predictions hit the press earlier this week that due to market conditions some thought the bank would have to cut the price of the offering or cancel the plans all together.
Earlier this month, the bank announced that a market capitalisation of approximately £800 million at Admission was implied from the mid-point price range of the IPO.
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