What is the latest Williams and Glyn update?
18 September 2017 it was confirmed that the European Commission has formally approved an Alternative Remedies Package to meet RBS's State Aid commitment to promote competition in the UK small and medium enterprise (SME) banking market.
The Alternative Remedies Package is focused on the following two remedies to promote competition in the market for banking services to small and medium-sized enterprises ("SMEs") in the UK:
- A £425m Capability and Innovation Fund that will grant funding to a range of competitors in the UK banking and financial technology sectors; and
- A £350m Incentivised Switching Scheme which will provide funding for eligible challenger banks to help them incentivise SME customers of the business previously described as Williams & Glyn to switch their accounts and loans, paid in the form of “dowries” to the receiving bank. In addition, under the terms of the Alternative Remedies Package, should the uptake within the Incentivised Switching Scheme not be sufficient, RBS may be required to make a further contribution, capped at £50m.
This is an alternative to launching a stand alone bank, Williams & Glyn, which is no longer going ahead.
At this time please rest assured that there is no immediate change for our customers and for now you remain a customer of National Westminster Bank plc. You can continue to use our banking services as normal and you don't need to do anything. In the meantime we're committed to delivering you excellent customer service.
Who can I contact regarding the Williams and Glyn changes?
Telephone banking
Personal customers - 03457 888444 (overseas +44 8705 888444)
Open 7 days a week 8am-8pm (Automated service 24/7).
Business customers - 03457 114477 (overseas +44 3457 114477)
Relay UK: 18001 03457 888444
Customers with Premier banking managers - 0333 202 3330
Open 7am to 11pm Monday to Sunday.
Calls may be recorded.
Call charge information.
Please have your Customer Number & PIN ready when you call. These are the same details you use to log in to Online Banking.
