New online British bank will cater to SMEs

London

A NEW online British bank expects to launch for small and medium-sized business customers later this year after securing its first phase of funding and starting its application for a banking licence, it said on Sunday.

CivilisedBank joins a handful of other so-called "challenger" banks aiming to break the dominance of Britain's big five lenders, seeking to benefit from lower costs, new technology, no legacy issues and encouragement from politicians.