Despite the criticism aimed at other banks for lending less and less to businesses, even where they are in profit and expanding, the Co-operative Bank is bucking the trend.
Since 2007 it has increased lending to businesses across the UK from £6.2 billion to £8.7 billion, an increase of 40%. Over the same period they have received a threefold increase in business deposits to a high of £4 billion.
Neville Richardson, Chief Executive commented “Our presence in the corporate market has benefitted from a strong financial position that has supported growth when our competitors were scaling back …We plan to capitalise on our success and further strengthen our position in the market”.
