Aldermore has written £1bn (€1.13bn) of asset finance to UK businesses in 2017, which it attributed to an increase in sector coverage, key recruitment, and lead origination developments.

The bank said its asset finance division achieved the figure through covering new industrial sectors such as telecoms and IT; recruiting additional resources in its specialist underwriting function and with several key appointments to the asset finance leadership team throughout the year.

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Aldermore made its first acquisition in June acquiring a 48% minority equity stake in leading asset and commercial finance funder, AFS Group Holdings Limited.

Carl D’Ammassa, group managing director – business finance, Aldermore, said: “We are delighted to have reached such a significant milestone this year and would like to thank the broker community for providing us with the opportunity to increase our lending to UK businesses. SMEs are the backbone of the economy and it is vital we continue to listen and deliver on their ever-changing needs.

“Whilst showing our deep understanding in a broad range of asset classes, we remain dedicated to helping SMEs seek and seize opportunities to grow. Our ability to differentiate Aldermore through the specialist nature of our underwriting and service to brokers, positions us well for the future. We will continue to invest in further enhancing our service and digital capabilities to maintain and hopefully further build upon this advantage.”

Asset Finance forms part of Aldermore’s newly created business finance division which also includes invoice finance, commercial mortgages and property development.

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Additionally, the figures come as Reuters reported that Aldermore shareholders had approved its takeover by South African bank FirstRand last Friday.