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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