Savings account supplier Co-operative Bank notes business presence

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Savings account supplier Co-operative Bank notes business presence

The amount of business lending carried out by the Co-operative Bank has been highlighted by a representative from the organisation.

Chief executive of Co-operative Financial Services Neville Richardson noted that the lender has increased business borrowing from £6.2 billion to £8.7 billion since 2007.

He suggested the firm is looking to "capitalise" on this position by pushing forward with lending.

"We put considerable emphasis into forming close relationships with our corporate and business customers and this has served us well," said Mr Richardson.

In his view, some companies have felt "abandoned" by their financial institutions over the past few years, as many lenders have had to scale back their operations as a result of the difficult economic climate.

Last week, Co-operative Bank announced it is offering consumers the chance to try its Privilege and Privilege Premier Packaged Current Accounts for free for a year, in a bid to encourage them to switch their banking activity to the firm.

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