FT reports that nationwide is abandoning business banking development and handed back the business RBOS grant, like Metro did earlier.
“Banking Competition Remedies said it would outline the rules of a new contest to distribute Metro Bank and Nationwide’s prizes by the end of the month.”
I wonder if it will mean Monzo might be able to grab £100m?
Monzo will certainly be able to apply to a new contest. Whether they actually will is another matter. I hope they do, I’m sure they’d stand a good chance of winning. But it’s whether they are in the right place for doing so. A couple of months ago I’d have said “I’m sure they’ll apply!” but obviously given the Covid-19 situation, there are now many more unknown factors. So, wait and see, I guess?
If there is a new contest I’d expect most of the same banks to put their hat back in the ring, especially at the moment if they have the staff to be able to front a bid for this, it’s a nice injection of money to get a ‘step forward’ in this area. Monzo will have competition for this for sure.
Could you share the artlicle link?
here is a sketchy one from Reuters
Be good to know how many businesses are signing up for Monzo