Private equity fund-of-funds Morgan Stanley Investment Partners has agreed to inject £45m into Aldermore Bank, formerly Ruffler Bank alongside its owner AnaCap Partners.
Ruffler was acquired by AnaCap in May of this year, marking the first buyout of a deposit taking bank by a private equity firm.
The investments from AnaCap and Morgan Stanley AIP mean that Aldermore will have one of the highest Tier One capital ratios in of any UK bank. The transaction has already received FSA approval.
Neil Harper of Morgan Stanley said: “We see prospects for the bank as highly attractive, and we believe the business will benefit significantly from the operational engagement and expertise of the AnaCap team.”
AnaCap and Morgan Stanley AIP are now backing a management buy-in team headed by Philip Monks, former managing director of Barclays Bank.