BCR: Announced the results of the £80 mn CIF Pool B funding

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BCR: Announced the results of the £80 mn CIF Pool B funding

Banking Competition Remedies (BCR): Announced £80 mn Capability and Innovation Fund from Nationwide, Investec and Co-op Bank

  • The fund awarding £50mn to Nationwide Building Society and £15mn each to Investec Bank and Co-operative Bank
  • Designed to promote market competition in banking services for UK SMEs, the fund received 13 applications for the second pool
  • Each applicant required to submit a list of public commitments, for which they will now be held accountable
  • Nationwide will grant to “change the face of SME banking in the UK for good” with the launch of its business
  • Investec Bank plans to match its CIF grant, commits to providing £300 million of additional lending to SMEs
  • The Co-operative Bank pledges to modernize its digital service for SMEs to help small businesses thrive