...May 14, 2019 LONDON (S&P Global Ratings) May 14, 2019--Nationwide Building Society was today awarded a ú50 million grant under the latest round of a program to promote competition in U.K. business banking. It applied for the funds to support the launch of services targeted at small and micro businesses, primarily focusing on current accounts, but also offering savings and credit facilities. Nationwide is concentrated in retail financial services and its move into business banking is a new venture. S&P Global Ratings anticipates that it will proceed gradually. We do not expect a material change to its business mix or risk profile over our two-year outlook horizon. Although the ú50 million grant is a reasonably small figure in the context of Nationwide's financial resources, it provides a useful kickstart to the society's business banking ambitions. Nationwide's grant was awarded by Banking Competition Remedies Ltd. under pool B of its Capability and Innovation Fund. The Co-operative Bank...
