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.”
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