Eleven banks have been selected to join a £350m scheme designed to encourage small businesses to move away from RBS in a bid to increase competition.
The Banking Competition Remedies body (BCR) has chosen Monzo, Metro, Starling, Santander, Co-operative, CYBG, TSB, Arbuthnot Latham & Co, Hampden & Co, Nationwide Building Society and Svenska Handelsbanken to join the scheme.
However, Nationwide and Monzo were selected despite not yet offering a business current account.
The BCR was originally created to distribute a £775m RBS fund designed to boost business banking competition, established as a condition of its £45bn government bailout during the financial crisis.
The 11 organisations were successful through the “incentivised switching scheme” segment of the fund, which will use £275m to encourage businesses to switch from RBS.
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