FirstRand targets possible UK acquisitions
CEO Alan Pullinger says the UK’s bleak economic outlook for 2023 will allow the group to snap up new opportunities more cheaply
FirstRand is eyeing possible acquisitions in the UK where it already owns a specialist bank and vehicle financier, as it believes the worsening economic situation in that market will allow it to buy new businesses more cheaply to broaden its portfolio.
The group’s UK portfolio includes Aldermore, a specialist lender and savings bank that caters to small businesses and individuals, as well as MotoNovo, a vehicle financier not unlike WesBank, the SA-based vehicle and asset financing house. With UK inflation having hit double digits in July and Citibank warning it could reach 18% in mid-2023, FirstRand believes the resultant economic fallout could depress corporate valuations and allow it to pick up attractively priced businesses...
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