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Bailed banks to cut 10% of SME customers

The EU Commission will force RBS to shed as much as 10 per cent of small business customers, according to the Times.

The newspaper says the EU watchdog will force RBS to shed 10 per cent of its one million small business customers, and reports that sources have confirmed that Lloyds Banking Group, which has 22 million small business customers, will also have to shed a tenth of its SME customer base.

These demands are part of the EU Competition Commission’s attempts to redress the banking sector in the wake of the European-wide government bailouts. It is hoping that by forcing bailed banks to give up portions of their business, issues of unfair competitive advantage will be addressed.

The Times says both banks are lobbying hard against any cuts, and may find a halfway point whereby they both give up 5 per cent of their SME customer bases.

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  1. Who will have them?
    Their current banks don’t want them. Yet another example of EU box tickers not having a clue?

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