Metro Bank among SME grant winners, CYBG misses out
By Oliver Haill
Date: Friday 22 Feb 2019
(Sharecast News) - Metro Bank has been awarded £120m from the fund set up with cash from Royal Bank of Scotland designed to boost competition in the SME portion of the banking sector, with Starling Bank getting £100m and ClearBank £60m.
CYBG was one of 13 applicants that had missed out on the first pool of cash from the Capability and Innovation Fund being distributed by the Banking Competition Remedies body, with other unsuccessful claimants including Arbuthnot, Co-op Bank, Handelsbanken, Monzo and TSB.
The body was set up with a forced injection of cash from RBS as part of the conditions attached to its 2008 government bailout.
Metro Bank, Starling and ClearBank will now be invited to enter into a Capability and Innovation Fund Agreement with BCR.
Metro said the funds will allow it to "radically transform" the UK SME banking experience with new "game-changing digital capabilities" and branch openings in "underserved SME hotspots in the North", namely Manchester, Leeds, Sheffield, and Liverpool.
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