Co-op increases business lending

The Co-operative Bank is continuing the expansion of its network of banking centres across the UK.

The bank has opened a new Corporate Banking Centre in St Albans and another will open in Guildford before the end of year, taking the overall number nationwide to 22. This follows a doubling of the centres from 10 to 20 since 2007.

Since 2007, the Bank’s commercial lending balances have grown by more than 40%, including £500 million specifically to fund renewable energy sector projects.

Meanwhile, deposits from business customers have more than quadrupled from £1.4 billion in 2007 to £6.7 billion by June 2011.

Keith Alderson, managing director of corporate and business banking at The Co-operative Bank, said: “Throughout a period when many other banks have scaled back support to business customers