Bank puts up new fund
RBS moves to reassure SMEs over loans
Royal Bank of Scotland has again moved to assure small firms that it has funds available amid concerns of a tightening of loans following the Brexit decision.
As a response to fears that debt finance may be squeezed, RBS is offering fixed rate loans with no repayment fees for businesses with a turnover up to £2m.
Marcelino Castrillo, managing director of business banking, said: “We want to assure small businesses that we have funds available and we want to lend.”
RBS has also established a team of ‘Business Growth Enablers’ across the country to provide skills and guidance to businesses. This team host regular education events for local business communities, covering topics from importing and exporting to cyber security.
These events are open to all local businesses, not just customers, and provide not just an opportunity to learn, but to connect with other businesses in their area and organisations that can help them.
> Santander UK is looking to acquire the bank branches being carved our of RBS to create Williams & Glyn.
The Spanish bank is considering an “asset transfer deal”, according to Sky News. This would involve Santander UK acquiring W&G’s £24 billion of deposits, more than 300 branches and nearly two million customers, but without requiring RBS to complete a complicated programme of splitting of the IT operations to create a separate banking platform.
RBS said in April that the planned flotation of W&G was proving tricky and that it was considering alternative means to achieve separation.
For Santander to take on the branches would mean reversing an earlier decision when it was preferred bidder but pulled out because of the IT issue.
It will need to explain to shareholders why that now no longer appears to be a problem.