CVC is preparing to bid for Aldermore, the UK challenger bank being sold by its South African parent FirstRand under the shadow of the motor finance mis-selling scandal, Sky News reported.

CVC, which owns stakes in businesses such as the RAC and Six Nations Rugby, would be among a field of financial investors and banks weighing offers. Its interest is notable because private equity ownership of a deposit-taking bank is relatively rare and would require change-of-control approval from UK regulators. On the trade side, Lloyds Banking Group, Britain’s biggest high street lender, is also likely to bid, drawn by Aldermore’s small business and specialist lending.

First Rand put Aldermore on the block after the Financial Conduct Authority proposed a redress scheme for motor finance mis-selling that could cost the industry around £9bn ($12.2bn). The South African group, which has branded the scheme “disproportionate and unfair”, expects to be liable for about £750m ($1.02bn) in payouts, a figure that dwarfs the roughly £275m ($374m) its motor finance arm earned over the previous decade.

Bankers advising First Rand are expected to let bidders submit separate offers for Aldermore’s core banking operations and its motor finance arm, Moto Novo. That split allows a bidder like CVC to pursue the cleaner specialist lending and savings business while ring-fencing exposure to the tainted vehicle finance unit. Founded in 2009 and based in Reading, Aldermore reported revenue of £600.4m ($817m) in 2025.