In a letter to chief executive
The correspondence was circulated last night, before today's crucial decision by the Competition and Market Authority on whether to launch a full-scale probe into the small business banking sector and current accounts market. The CMA has the power to break up lenders if it concludes that the markets are uncompetitive and customers are not getting a good deal.
Cable views the launch of W&G as key to increasing competition in the business banking market and providing more support for small firms.
Revised EU guidelines dictate that RBS has to float the spin-off lender on the stockmarket in 2016 and launch it fully by the end of 2017. But Cable says he wants to discuss plans to 'accelerate' rebranding of the 314 RBS branches in question to Williams & Glyn.
He argues that this would 'give confidence to businesses and consumers who are keen to see new competitors on the high street'.
Demanding RBS publish a 'clear timeline' for the disposal, he said: 'Williams &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.'
RBS (down 1.9pc TO 323.7p) has already told Cable that launching the IPO before the 2016 deadline is unlikely, particularly given the complex IT problems involved.
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