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Virgin Money revives push into Britain's small business banking market
November 16, 2017 / 7:21 AM / in a month

Virgin Money revives push into Britain's small business banking market

LONDON, Nov 16 (Reuters) - Virgin Money on Thursday revived plans to enter the small to medium-sized business (SME) banking market, one year after shelving them due to an uncertain outlook for Britain’s economy following its vote to leave the European Union.

The bank said it would now open an SME banking business in January 2018, and was targeting 5 billion pounds worth of SME deposits within five years.

The announcement came as Virgin Money said it expects its share of gross lending to be at the lower end of its previously guided range of 3 to 3.5 percent in 2018. ​ (Reporting by Emma Rumney, editing by Lawrence White)

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