LONDON, June 23 (Reuters) - Royal Bank of Scotland
said on Tuesday it would give business customers another six
months to take advantage of incentives to switch their accounts
to other banks, under terms of the bank's crisis-era state aid
package.
"As a result of the on-going COVID-19 pandemic, fewer
customers have been switching under the Incentivised Switching
Scheme and these changes are being announced by the Banking
Competition Remedies to preserve momentum and aims of the ISS,"
RBS said.
Some 200,000 additional RBS and NatWest plc business banking
customers with turnover of up to 1 million pounds will have the
opportunity to participate from August 25.
Customers will be able apply to switch their account until
February 28 2021 and will have until June 30 2021 to complete
the switch.
RBS said the total number of customers targeted to switch
under the scheme would not change and the amendments would
therefore have no material impact on its current financial
outlook.
The ISS will terminate at the point the 225 million pounds
fund for business current account switching has been distributed
by BCR, which may be earlier than the dates above, RBS said.
(Reporting By Sinead Cruise; Editing by Dhara Ranasinghe)
