Church-backed new bank to target SMEs
The UK’s SMEs are to be a target for a new lender backed by The Church of England (CoE) – the CoE has confirmed that it is part of a consortium, alongside Corsair Capital investment fund and Centerbridge, which has been named preferred bidder for 314 branches of Royal Bank of Scotland (RBS).
RBS is required to sell the branches under EU competition rules and if the bid is successful, the new bank (to be known as Williams and Glyn’s) will have an ethical stance.
It also expects to secure a 5% share of UK SME and mid-corporate banking markets.
Andreas Whittam Smith, first estates commissioner for the CoE, says: “The Church Commissioners are excited to have the opportunity to be involved in creating a UK challenger bank operating to the highest ethical standards and giving consumers more choice.”