In the FT today, I read a piece by Andrew Hill that was, rather surprisingly, both amusing and uplifting. It highlights the Royal Bank of Scotland's intentions to re-brand itself south of the border by re-introducing the old Williams and Glyn's brand.
'Why is this important', I hear you say. Well, W&G prided itself on taking particular care of small and medium-sized customers and, as my colleague so accurately made clear, SMEs play a vital role in creating jobs and stimulating the economy.
It is hoped that this would increase, or at least facilitate an increase, in funding to SMEs. The bank would also have the bonus of not having all the bad debt and government ownership issues associated with its lagging parent company.
Significantly, the re-branding will most likely coincide with an IFAC paper on business support for SMEs to be released next year. It is good to see the much beleaguered SME sector on the agenda.
But, as would be clear to most readers, the motives for the split are in no way philanthropic. As RBS is seeking to win approval from Brussels for its participation in the Government's Asset Protection Scheme, the move would undoubtedly be a quid pro quo for state aid. But, means, ends, etc. Frankly, the fragile financial sector could do with the kick-start.
Up next, Lloyds brings back TSB.
'Why is this important', I hear you say. Well, W&G prided itself on taking particular care of small and medium-sized customers and, as my colleague so accurately made clear, SMEs play a vital role in creating jobs and stimulating the economy.
It is hoped that this would increase, or at least facilitate an increase, in funding to SMEs. The bank would also have the bonus of not having all the bad debt and government ownership issues associated with its lagging parent company.
Significantly, the re-branding will most likely coincide with an IFAC paper on business support for SMEs to be released next year. It is good to see the much beleaguered SME sector on the agenda.
But, as would be clear to most readers, the motives for the split are in no way philanthropic. As RBS is seeking to win approval from Brussels for its participation in the Government's Asset Protection Scheme, the move would undoubtedly be a quid pro quo for state aid. But, means, ends, etc. Frankly, the fragile financial sector could do with the kick-start.
Up next, Lloyds brings back TSB.
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