Investec Bank has been awarded £15m from pool B of the Banking Competition Remedies Ltd (BCR) Capability and Innovation Fund (CIF).
By accepting the CIF award, the specialist bank has committed to provide an additional £300m of lending to UK SMEs.
It will also support more than 8,000 SMEs and match the contribution from the CIF with its own funds.
Elsewhere, Nationwide Building Society was awarded £50m, while the Co-operative Bank received £15m.
The Co-operative Bank will focus on modernising the way its SME customers can interact with it, developing products to help SMEs thrive and making banking faster paced through improved infrastructure and automation.
The fund has been designed to promote competition in the market for SME banking services through the modernisation of existing business current account offerings or the development of new business current accounts.
BCR received a total of 13 applications from 10 applicants for the pool B process.
Godfrey Cromwell, chairman at the BCR, said: “Pool B is the second group of grants from the Capability and Innovation Fund aimed at increasing competition in the UK business banking market with the overall purpose of improving financial products and services available to SMEs.
“We look forward to these organisations delivering on their public commitments and to further announcements for pools C and D in the coming months.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
84% would change financial services provider due to poor complaints experience
More than eight out of 10 customers (84%) claim that they would change financial services provider due to a poor complaints experience, according to the latest research...
City of London Group posts £3.6m pre-tax loss after absorbing banking licence costs
City of London Group PLC (COLG) has reported a pre-tax loss of £3.6m for the year ended 31st March 2019 after absorbing £1.7m of costs associated with applying for a UK banking licence and acquisition of Acorn to Oaks Financial Services Limited...
Redwood Bank appoints two new BDMs
Redwood Bank has appointed Dan Carter (pictured above, left) and Sue Young (right) as BDMs...
Sainsbury’s Bank updates residential and BTL mortgage ranges
Sainsbury’s Bank has updated its residential and BTL mortgage ranges...
Gatehouse Bank names new HR business partner
Gatehouse Bank has appointed Amy Lloyd (pictured above) as its new HR business partner...
Cynergy Bank aims to grow loan book up to £6bn by 2022
Cynergy Bank plans to grow its loan book to between £5bn-£6bn by 2022...
When uncertainty lends itself to opportunity
With £5.5bn of lending and rates pushed low, the second half of 2018 may have looked like an unusual time to launch a new lender into the bridging market...
Starling Bank partners with CreditLadder
Starling Bank has partnered with rent recognition platform CreditLadder to help its customers improve their credit score and get on the property ladder...
Paragon reduces rates on second charge mortgage range
Paragon has reduced the interest rates on its second charge mortgage products...
Hanley Economic BS launches RIO mortgage range in Scotland
Hanley Economic Building Society has launched its range of retirement interest only (RIO) mortgages in Scotland following feedback from its Scottish intermediary partners...
allpay.cards named as card provider for new mobile business banking service
Card manufacturer and bureau allpay.cards has revealed that it will provide the cards for the new Amaiz mobile business banking service...