Nationwide Building Society has announced that it intends to launch a business banking current account.
The building society revealed this in its interim results for the period ended 30th September 2018.
It plans to launch these accounts to bring scale and support to small businesses in the UK.
Joe Garner, chief executive at Nationwide, said its success in the personal current account market – where it had grown accounts by 70% in the last five years – had given it the confidence to accelerate its entry into the business banking market.
“The funding available from the Banking Competition Remedies remains important to us as it will allow us to bring our proposition to market faster and with greater impact.
“50,000 members a year ask us to provide business banking, and we believe we can offer a compelling mutual alternative to Britain's currently underserved 5.6 million small businesses.
“Nationwide is here for the long term and we believe we can make a lasting difference in this market, as we have in the personal current account market, thanks to the combination of leading service and good value we can offer.
“This is the logical next step in bringing mutuality to more people.”
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