Royal Bank of
The Competition and Markets Authority, the new competition watchdog, will report back on those and is expected to launch a consultation through the summer that could herald a full-blown investigation in the autumn.
The government has also been focusing on increasing competition in the sector by relaxing rules to make it easier for new banks to be set up. The business secretary,
Cable last night called on RBS to accelerate the reintroduction of the Williams & Glyn name - a brand last seen 30 years ago - on the high-street branches which the EU ordered it to sell at the time of its 2008 taxpayer bailout. But the fascia is yet to appear above any of the branches in question. In contrast,
Cable's latest intervention, in a letter to the RBS boss,
The largest market shares are held by the two bailed-out banks. Last year the
The revival of W&G aims to create more competition in the small and medium-sized (SME) business sector, which Cable is keen to see. In his letter, the business secretary told McEwan: "Williams and Glyn has the potential to be an important challenger in the small business market in particular and therefore many, including me, are anxious to see it in operation as soon as possible."
The banking industry has been facing the possibility of a competition investigation since 2011, when Sir
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