Nationwide weighs business banking push as profit falls 7 percent

Thursday 24 May 2018 09:15 CET | News

Nationwide Building Society, one of Britain’s mortgage providers, is planning to push into the business banking market after annual profit fell 7%.

Nationwide said it has applied for a 50 million pound grant as part of a 775 million pound package of funding that rival Royal Bank of Scotland is being compelled to disburse to boost competition in the market.

If its application is successful, Nationwide said it would launch a business current account to compete in a market dominated by Britain’s five biggest banks with 85% of business accounts between them.

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Keywords: Nationwide Building Society, Business Banking, Royal Bank of Scotland
Countries: World