February 22, 2019 / 7:00 AM / 2 months ago

Britain's Metro, Starling, ClearBank win RBS competition funding

LONDON, Feb 22 (Reuters) - Britain’s Metro Bank, Starling Bank and ClearBank have been granted a total of 280 million pounds ($365.01 million) from a fund aimed at increasing competition in lending to small British firms.

The Board of Banking Competition Remedies said it awarded Metro Bank 120 million pounds, Starling Bank 100 million pounds, and ClearBank 60 million pounds.

The funding is from Royal Bank of Scotland as part of a 775 million pound scheme requiring RBS to boost competition in the sector as a condition of its bailout during the 2008 financial crisis. ($1 = 0.7671 pounds) (Reporting by Huw Jones Editing by Rachel Armstrong)

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