Metro Bank has welcomed the appointment of Lord Cromwell as the Executive Chair and Brendan Peilow as an Executive Director of the Banking Competition Remedies (BCR).
Craig Donaldson, CEO Metro Bank said: “We are looking forward to working with Lord Cromwell and Brendan Peilow. It is imperative the IB has strong, experienced and independent members, committed to delivering real competition to the SME banking market, and supporting challenger bank efforts to loosen the stranglehold of the big high street providers. It is astonishing Metro Bank remains the only new high street entrant in over 100 years to serve the needs of retail and business customers.
Go deeper with GlobalData
“When allocating the Capability and Innovation funds in particular, the IB has a rare opportunity to shake-up banking for Britain’s small and medium sized enterprises for the better. These businesses are the backbone of Britain’s economy, and I hope the panel members share my passion for creating a sector committed to helping them grow while providing high levels of personal service.
“Any support Metro Bank receives from the State aid alternative remedies package will be used to create hundreds of new jobs, accelerate our expansion further north, and most importantly help SME customers experience a different kind of banking.
“We represent a powerful new competitive force in business banking, attracting 17% of SME business current account switchers in London and the South East. We know businesses value our convenient stores, open seven days a week, along with our digital banking services and 24/7 contact centres, all backed by helpful and knowledgeable local business managers. We are confident we’ll see similar switcher rates up and down the country as we grow.”
Santander, Metro Bank, Clydesdale Bank, Starling and TSB are all reportedly pitching for a share of the RBS Alternative Remedies Package.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTo qualify, banks must have less than £350bn in UK assets.
Prior to its IT meltdown, on paper TSB looked well placed to pitch for a successful share of the RBS fund. Until it satisfies regulators that its current IT issues have been addressed, it is hard to see TSB having a case to benefit from the RBS package.
