The Co-operative Bank has announced it will apply for funding from the RBS alternative remedies package as it looks to grow its presence in the business banking market.
It plans to target grants worth up to £120m for the development of its business current accounts.
The funding will allow the bank to enhance and expand its current account and lending services for SMEs.
It will also be applying to the incentivised switching scheme, which will offer more than 200,000 SMEs an alternative way of banking.
Andrew Bester, CEO at the Co-operative Bank (pictured above), said: “The Co-operative Bank is now in a position to put the issues of the past behind it and to once again play an important role in bringing more competition to the market…
“We are a different type of challenger, bringing both a heritage of already serving small- and medium-sized businesses well, with the advantage of a strong and distinct brand.
“We would look to utilise both of these to increase competition and to build on the services we offer reaching out to the significant number of owner-managed businesses, tradespeople and social- or charitable-led organisations that are underserved and need our support.
“Our aim is to really pioneer banking that makes a positive difference to small [businesses] and the communities they serve.”
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...