Allica Bank acquires £0.6b SME lending portfolio from AIB Group Plc

Allica Bank, the FinTech challenger bank, makes its first significant acquisition with an agreement to acquire c.2,000 SME customers and c.£0.6 billion of associated lending from AIB Group (UK) Plc following AIB’s exit from the SME market in Great Britain. The transaction will build on Allica Bank’s positive momentum since launching in March 2020 and accelerate the bank’s ambition to become the leading SME challenger bank for the decade ahead.

Read more: IBS intelligence