Challenger Allica Bank has boosted its profitability ambitions by agreeing to buy the £600 million British small business loan book of Allied Irish Bank.
With AIB exiting the British SME market, Allica Bank will gain about 2000 customers, bringing its lending book to more than £1 billion.
Allica, which opened its doors in March 2020, says the acquisition brings forward its target profitability date to the middle of next year.
Richard Davies, CEO, Allica, says: "We’re proud of the strong technology and tailored personal service we’re able to offer Allica Bank customers and are delighted to be able to extend this service to AIB’s customers."