RBS to allocate £2bln for small businesses over Brexit
Updated 13:07, 26-Oct-2018
British lender Royal Bank of Scotland is planning to allocate two billion pounds to aid small businesses in handling Brexit as concerns over supply chains and financial risks intensify due to looming uncertainties of the UK's departure, according to its announcement on Tuesday.
The money is said to be set aside for offering services from the likes of trade finance, term finance and increased liquidity, and will in a certain extent benefit those small and medium-sized enterprises hinging on labor markets of the European Union or with close bearing on foreign exchange fluctuations.
Alison Rose, the chief executive of RBS commercial and private banking, noted that strategic and tactical thinking form the prerequisite and foundation for navigating Brexit with huge uncertainties.
About 2,000 existing RBS and NatWest customers would benefit from the services offered by Royal Bank of Scotland in a bid to offset the domestic impact Brexit could bring.