FT.com / Companies / Banks - RBS eyes 300 branches sell-off.
We desperately need a People's Bank in the UK - government owned, safe and guaranteed.
And we need a green investment bank.
If RBS has to close 312 branches and pull out of SME banking on Brussels instruction then surely the state has a duty to relaunch this as a People's Bank, heading for mutual ownership?
And of Brussels objects then it should give this activity to the Cooperative Bank. That needs this level of presence.
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In the context of the desperate lack of small business access to credit at the moment this seems a completely daft move from Brussels. It could well be another thing that precipates the ‘double dip’ recession. Having said that, RBS is failing to lend out much to SMEs anyway at the moment so it probably won’t make that much operational difference.