Aldermore Bank has announced the cancellation of its planned initial public offering (IPO).

The challenger bank was aiming to achieve a valuation of around £800 million with the flotation.

Equity markets have been hit over the past few weeks, with concerns over the state of the Eurozone returning and oil prices increasing in volatility because of the turmoil in the middle east.

In a statement to the London Stock Exchange, the bank said: “Aldermore continues to perform strongly, with excellent organic loan growth and a proven track record of delivery through its modern, digital platform.

“AnaCap, as a long term investor, will continue to support the next phase of its development.”