BoS Targeting Firms in Bid to Rival Big Four
Byline: ANDREW FOXWELL
BANK of Scotland will this week launch a fresh attempt to capture alarger slice of the small business banking marketplace in an effort to overturnthe dominance of its 'Big Four' rivals.
Just weeks after the Competition Commission discarded price controls on smallbusiness banking, BoS is trying to differentiate itself by launching what itclaims is the first offset loan and current account package for small andmedium enterprises.
John Kerr, head of products at BoSBusinessBanking,said: 'Business Offset can potentially savecustomersthousandsof pounds. It's the first genuine commercial offset product available in the UKand is the beginning of our strategy to disrupt the business bankingmarketplace and offer customers of the Big Four a significantly better deal.'InAugust,theCommission removed four-year-old price controls imposed on Barclays, HSBC,Lloyds TSB and Royal Bank of Scotland in 2003 to encourage better deals forsmall and medium-sized enterprises.
The Commission said the controls were no longer necessary to improve bankingservices as other providers had started to compete more aggressively for smallfirms' custom. …