On the bus for RBS
AS A Bank of England survey revealed corporate credit lines had tightened more than expected over the past three months, the RBS climbed aboard a battle bus on Teesside to convince bosses that it was still open for business.
James Cornell, director of commercial banking for RBS in the Tees Valley, who was touring Middlesbrough business parks today, said the bus had already been “warmly welcomed” by firms in Newton Aycliffe and Darlington.
He said it proved that if banks were “pro-active and got out there to talk to people about what’s happening in their world” they could win friends and influence people.
The first tour of duty by RBS’s local business banking and Lombard finance teams coincided with publication of the Bank of England’s Credit Conditions Survey, which showed that the economic war was far from over. Banks had reduced maximum lines of credit and increased collateral requirements, while loan covenants had also become stricter, it said. And it predicted credit would be rationed further over the coming three months. But Mr Cornell said: “The key message we want to get out is that RBS is open for business.”
