Tuesday, 12 June 2012 10:56
The bank is jointly owned by Cambridgeshire Local Government Pension Fund and a College of the University of Cambridge.
A new bank targeting established small to medium sized enterprises (SMEs) has launched. Cambridge & Counties Bank says it will provide SMEs with loans secured against commercial property as well as a deposit account. In addition to this, it will also offer secured pension scheme lending, and has plans to launch professional firm financing, as well as other savings accounts into both the retail and non-retail sectors.
The bank has a unique structure being jointly owned by Cambridgeshire Local Government Pension Fund and Trinity Hall, a College of the University of Cambridge. They each own 50 per cent of the bank, which has a management team led by chief executive Gary Wilkinson who has held a number of senior roles in the banking and building society sectors.
The bank feels that now is an opportune time to launch, because many SMEs are finding it difficult to secure finance. Analysis of industry data by Cambridge & Counties Bank reveals that in the second half of 2011, over 60,000 loan and overdraft applications from SMEs worth as much as £3 billion, were rejected by banks. New research from the bank reveals that 47 per cent of businesses believe that their relationship with their main business bank is only average or bad.
Gary Wilkinson, Chief Executive, Cambridge & Counties Bank said: "There is a real need for increased competition in the banking sector. By placing a significant focus on developing a partnership type relationship with our clients through being easy to do business with and by focusing on plain English and transparency, we hope to have a significant impact on our markets."
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