CYBG is continuing to cement its position as the UK’s leading challenger bank with the opening of a new state-of-the-art SME hub and retail store in the heart of Manchester.
The new strategic investment is part of the Bank’s expansion of its retail and SME offering across the UK, and with the new store in Manchester further strengthening its presence in the north of England’s economic powerhouse.
The opening also comes ahead of the February launch of the RBS incentivised switching scheme.
B works opened on 14th January offering a modern space for consumers and SME customers.
As well as offering a full range of core retail and SME banking services, the new store will offer:
a business banking centre
co-working space and free-to-use private meeting rooms for local freelancers, entrepreneurs and small businesses
a presentation and business showcase space
the B Social Studio - enabling SMEs to create their own social and digital marketing content and podcasts with the support of onsite experts
a regular programme of business events in partnership with a range of Manchester-based businesses, including Boohoo.com, Manchester Metropolitan University and Freeformers
David Duffy, Chief Executive at CYBG, said:
“Our heritage and track record for supporting SMEs and the economy in the north of England is well-known and I’m delighted we’re further strengthening our presence in Manchester by opening our B Works store.
“Small firms and local entrepreneurs are forecast to contribute £12bn to the local Manchester economy by 2020 and with the number of SMEs operating in the region increasing by 36% in the last eight years, Manchester is an exciting place to do business.”
Henri Murison, Director of Northern Powerhouse Partnership, said:
“It’s good news CYBG is increasing Yorkshire Bank’s presence in the North West, strengthening its SME offering and bringing its digital expertise to Manchester.
"B Works is a huge vote of confidence for the North West’s SME community and highlights the strength of Manchester as a place for new, growing businesses.
"The Bank has been a strong supporter of the Northern Powerhouse agenda and this investment further demonstrates its commitment to driving the North’s ambition, particularly as so much of our future growth to make us greater will be built by our SMEs.”
The opening of B Works is the final part of CYBG’s preparation for the RBS incentivised switching scheme. The Bank has invested £12m in the business ahead of the switching scheme opening, with the Bank planning to offer an attractive home for switching RBS customers.
The Bank‘s investment to date has included:
creating a dedicated switching team that will support new customers moving to Yorkshire Bank, making it a seamless transition
expanding Yorkshire Bank’s Relationship Manager team - this includes three dedicated appointments in Manchester and the North West.
Speaking about the Bank’s preparation for the RBS Incentivised Switching Scheme, David Duffy said:
“The RBS Alterative Remedies Package, including the incentivised switching scheme launching in February, offers a unique opportunity to increase competition in UK SME banking market, and we are fully committed to support the successful delivery of the scheme.
“We’ve invested heavily in ensuring switching customers can seamlessly move to Yorkshire Bank, and we believe we are well positioned to offer a genuine alternative for SMEs looking for a new home for their banking.”
Yorkshire Bank launched its three-year lending commitment in 2017, pledging to make £6billion of funding available to UK SMEs in the three years to 2019. In the North West, £300million a year has been earmarked for the region’s SMEs.