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Santander seeks slice of Royal Bank of Scotland SME fund

Banco Santander SA has made a move to win some of the £775 million fund that Royal Bank of Scotland Group PLC agreed to make available to improve competition in the U.K. small-business lending market, The Times reported Oct. 5.

Making the fund available was a condition for RBS in return for its £45.5 billion bailout during the financial crisis.

Santander aims to make its "123" current account available to business customers. The Times notes that the Spanish bank's bid is controversial given that it already has approximately 10% of the business current account market.