Posted by AdviserDirect on 05/16/2019

Nationwide wins £50m prize to help boost small business banking

Nationwide wins £50m prize to help boost small business banking

Nationwide Building Society has won a £50m grant to help support small businesses.

The award is part of a £775m programme funded by Royal Bank of Scotland as a condition of its bailout during the financial crisis. A total of £425m will be given in cash grants to rival business banks and financial technology companies, while a further £350m is being used to encourage RBS customers to switch to alternative providers.

Investec and the Co-Operative Bank, which won smaller awards of £15m each, have also pledged to match the prize with their own investments.

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