Invites go out to access £775m RBS bailout competition fund
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Invitations have been sent to nearly 500 banks, lenders and fintech firms that will provide them with details on how to access a £775 million Royal Bank of Scotland fund aimed at creating greater competition in the sector through an initiative forced on the Edinburgh-based lender as a result of its record-breaking £45 billion government bailout at the height of the financial crisis.
Following months of delays to the scheme, which was agreed in lieu of selling off a tranche of RBS branches to satisfy the conditions of its bailout, the Banking Competition Remedies (BCR) body, which is now tasked with distributing the cash, said that it sent invites to “eligible bodies” for a market event in central London late next month.
According to The Press Association invites were sent directly to chief executives late on Monday, and included all members of sector trade bodies UK Finance and Innovate Finance, which have around 250 members each.
The event will run through the timeline and application process for the £425 million Capability and Innovation Fund, meant to help bidders develop their current account, lending and payments offerings for business customers.
It will also give details around the separate £350m Incentivised Switching Scheme, which will encourage SME customers to ditch their RBS account for rival banks.
CYBG, the parent compnay of Clydesdale Bank, which is in the midst of a £1.7 billion takeover of Virgin Money, is among those planning to attend the event on 27 September, alongside the likes of TSB and digital challenger Starling.
Not all of those invited will be eligible for some of the largest pools of cash in the Capability and Innovation Fund.
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