The Co-operative Bank yesterday announced it would bid for a share of the Royal Bank of Scotland’s (RBS) £775m fund aimed at bolstering competition in the business banking market.
The challenger bank confirmed it would apply for funding from the RBS fund, which was set up as a condition of its £45bn government bailout during the financial crisis.
The bank joins Metro, Starling, TSB, CYBG and Nationwide in signalling intent to bid for a stake of the fund set to be distributed by the Banking Competition Remedies Body. The Co-operative Bank noted that it would target grants of up to £120m to develop its business current accounts and expand its current account and lending services for companies with a turnover below £2m.
It is expected that the first round of awards from the fund could be announced in February.
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The new episode of The Mortgage Insider podcast, out now
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In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
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