RBS allocates £2 billion to help SMEs deal with Brexit
(23 October 2018 – United Kingdom) Royal Bank of Scotland has set aside £2 billion to provide services such as trade finance, term finance and increased liquidity to help SMEs deal with Brexit.
The funds come as uncertainty around the terms of the UK’s departure creates concerns about supply chains and financial risks for many businesses who rely on EU labour markets or have exposure to foreign exchange movements.
Alison Rose, chief executive of RBS commercial and private banking said Brexit “will require businesses to think strategically and tactically about how to navigate what is still an uncertain period ahead.”
British banks have been making practical preparations such as setting up new continental European subsidiaries or transferring operations since shortly after the Brexit vote, but the announcement by RBS highlights how they are increasingly paying attention to the domestic impact the exit could have on their customers.
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