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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In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
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In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
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