The European Commission likes playing hard ball. Back in 2009 it decided that a bloated RBS had to sell off its Williams & Glyn unit to meet European Union state aid demands. But after a seven-year hunt for a buyer, RBS abandoned the sale and instead proposed a £775 million fund to help strengthen its competitors. But as it prepares to hand out cash to its rivals next month, RBS is charting a course that could see it sweep the rug from under their feet.
While the likes of Monzo, Starling Bank, Revolut, and German-based N26 are fighting hard for personal current accounts, the race for business banking is only just getting started, with firms like Tide, Coconut, and the soon to be launched Allica all hoping to attract a piece of the pie. Put simply, business banking is the next wave of disruption in finance.
Lining up for RBS’s cash are a number of new kids on the block, including Monzo and Starling Bank.
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