0 Have your say A group of MPs is calling on the Financial Conduct Authority to launch an investigation into the “unanswered questions” surrounding tailored business loans provided to small and medium-sized enterprise customers by Clydesdale Bank (CYBG). Kevin Hollinrake MP, the co-chairman of the All Party Parliamentary Group on Fair Business Banking, has written to the FCA calling for an investigation into CYBG “without delay”. However, a CYBG spokesman said the bank “strongly refuted” any suggestion Clydesdale Bank had not fully investigated historic cases involving SME (small and medium-sized enterprise) customers.In his letter, Mr Hollinrake states that senior figures from National Australia Group Europe - the former owners of CYBG - gave evidence in June 2014 to the Treasury Select Committee (TSC) as part of the committee’s report into conduct and competition in SME lending. In July 2014, two representatives from … [Read more...] about MPs call for FCA probe into Clydesdale Bank’s tailored business loans
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Advertisement feature for When it comes to finding the right bank to serve your business, it is easy to assume that the big names are your only options So-called “high street” banks are very visible in the business space. Many offer free periods of current account banking for new start-ups, or for companies transferring their banking from another provider. And most will also offer loans for businesses that are looking for financing. Hence, it can be tempting to use the bank that holds your current account when you need to borrow money. But according to some financial experts, there could be better deals available on loans and current accounts, so businesses may do better to look beyond traditional loan financing when trying to find the best ways to grow their businesses. Which business current account is best for you? In the same way as it pays to do a bit of homework before choosing an individual current account that suits your needs, it is worth making a list … [Read more...] about Could sticking with your bank be harming your business?
COMPANIES in Northern Ireland have tapped up a UK-wide business loan fund for more than three quarters of a million pound, most of it in the hospitality sector.Last year the government Start Up Loans scheme, which has been running since 2012 and espouses responsible lending, handed out £62.8 million across 20 sectors, of which around £20m went to London and the South East while just £778,690 went solely to Northern Ireland.Of this, £101,500 was invested into restaurants and £34,500 towards clothes shops, while there was a £20,400 investment into hair & beauty.Northern Ireland was one of three UK regions which received the least funding for the construction sector (£5,500), while not a single penny was borrowed to invest into the health & social work sector.Cameron Bisset, digital content manager for Start Up Loans said: “We back thousands of start up businesses each year and want to share some of the transformations with the public via a … [Read more...] about Businesses tap into £778,000 from government-backed loans fund
The internet has rattled every industry to its core, except one — business banking. For most bosses, while they may trust Amazon to deliver a loved one’s birthday present or not think twice about letting Uber take their staff home after a late shift, when it comes to handling the company money, online banks still have little appeal. As a result, the scene remains dominated by Lloyds, HSBC, Barclays, Santander and RBS, who hold 88 per cent of all business current accounts. This is despite the recession in 2007 which hurt many of their reputations, and the Government’s attempts to encourage challenger banks. Banking experts say that heavy regulation and compliance costs make the industry hard to break into for start-ups wishing to challenge the status-quo. James Gibson, head of business accounts at start-up bank Revolut, says: “A good example is payment networks, the system by which banks send money around the world, are not like … [Read more...] about What you need to know about business banking with the digital banks
0 Comments State Bank of India looks to broaden UK customer base beyond Indian diaspora BelfastTelegraph.co.uk The State Bank of India (SBI) wants to broaden its UK customer base beyond the Indian diaspora after pumping £225 million into its retail business as part of new post-crisis regulations. https://www.belfasttelegraph.co.uk/news/uk/state-bank-of-india-looks-to-broaden-uk-customer-base-beyond-indian-diaspora-36808278.html https://www.belfasttelegraph.co.uk/news/uk/article36808279.ece/760c8/AUTOCROP/h342/bpanews_f7472ccb-7df6-4985-9dee-7d1cd80722aa_1 Email The State Bank of India (SBI) wants to broaden its UK customer base beyond the Indian diaspora after pumping £225 million into its retail business as part of new post-crisis regulations. Bosses of the lender – which is 58.6% owned by the Indian government – said that while they were happy with the status quo, SBI was unwilling to pull out of one of its biggest overseas markets which currently … [Read more...] about State Bank of India looks to broaden UK customer base beyond Indian diaspora