Friday 29th February 2008
Bank of Scotland has won the prestigious accolade of being awarded Best Overall Business Bank for the third year in a row at this year's Business Moneyfacts awards.
The awards come on the back of renewed efforts by Bank of Scotland to disrupt the current status quo of business banking by launching a range of innovative market-leading products. In total, Bank of Scotland was shortlisted in ten out of the nineteen available categories.
Bank of Scotland Business Banking became the first British bank to bring consumer pricing to the business banking market by launching the Total Business Account offering base rate on credit balances – almost double the interest paid out by the Big Four banks - to businesses with an annual turnover of up to £1 million. It also launched the first ever offset account for businesses with £1million turnover or less, offering SMEs a fresh approach to financing their business.
Bank of Scotland Corporate also launched a new suite of products aimed at enticing customers away from the Big Four High Street banks including: an offer of £30 million funding for manufacturers and wholesalers, interest free for 12 months; Cashflow Finance which offers up to 100% of the value of a customer's invoice paid within 24 hours; and the Asset Saver which pays interest on a customer's current account at the same time as their HP asset borrowing.
The awards, held at the Brewery on Chiswell Street in London on Friday 29th February, are in recognition of the continued commitment from financial organisations to providing banking and finance for SMEs (small to medium-sized enterprises). The esteemed event, presented by Jasmine Birtles, comedian, financial journalist and TV presenter specialising in business finance, played host to over 300 industry professionals from the leading financial institutions and industry bodies.
Commenting on Bank of Scotland's success, Business Moneyfacts editor Lee Tillcock said: "The awards are a fabulous opportunity to recognise and award continued commitment to banking and finance for SMEs. Bank of Scotland has offered consistently competitive, flexible and innovative products over the last three years, and thoroughly deserves its hat-trick of wins in the best overall Business Bank category. Bank of Scotland stands out as genuinely trying to do something different in the SME banking market based on its track record. "
Bank of Scotland Business Banking, part of the HBOS Group, provides a full range of products and services for small businesses with a turnover of up to £1 million pa. Over a third of all Scottish SMEs bank with Bank of Scotland. Bank of Scotland Business Banking is rapidly expanding its presence in England and Wales and all 700 Halifax branches now provide Business Banking facilities. The 100 largest branches in England and Wales also have a Business Banking Manager on hand.
Bank of Scotland Corporate,part of the HBOS Group, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. With experience across many areas of corporate finance, including specialist teams covering Joint Ventures, Integrated Finance, Structured Property Finance, Infrastructure Finance and Housing Finance, Bank of Scotland can draw on an expert pool of professionals with proven track records. Bank of Scotland provides funding to more Management Buy-Outs than any other bank in both the UK and Europe and is now recognised as the top UK arranger for PFI/PPP deals. Bank of Scotland Corporate employs around 9,000 employees. Total lending at June 2007 stood at £95.8 billion.
