October 17, 2019 / 6:21 AM / a month ago

RBS boosts Brexit contingency fund to 8.2 billion stg

FILE PHOTO: Royal Bank of Scotland signs are seen at a branch of the bank, in London, Britain December 1, 2017. REUTERS/Peter Nicholls/File Photo

LONDON (Reuters) - Royal Bank of Scotland (RBS.L) has increased its Brexit support fund for small businesses by 2.2 billion pounds to 8.2 billion pounds ($10.5 billion), after identifying several thousand customers who may be impacted by Britain’s departure.

The state-backed lender said it had committed 5.6 billion pounds of the fund so far.

Paul Thwaite, the commercial banking managing director at RBS unit NatWest, said: “We are very much open for business and want to be the bank that supports the UK’s businesses through this uncertain time.”

RBS has repeatedly increased the size of its so-called ‘Growth Funding Initiative’ - which is also designed to back high-growth small firms - in response to business demand.

Reporting by Iain Withers, editing by Sinead Cruise

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