The UK's six largest banks are to pledge around £1bn (€1.15bn) to a new venture capital fund to help provide funding to the hard-hit SME sector, according to reports.
Lloyds, Royal Bank of Scotland, HSBC, Barclays, Santander UK and Standard Chartered are all to inject tens of millions of pounds into the fund in the near future, growing to £150m - £200m (€172.9m - €230.5m) over the next few years.
The move represents a move by the banks, many of which were bailed out with taxpayer funds during the financial crisis, to address criticism from the government and the public that they have not been lending enough to small businesses.
To read the full, original article click on this link: UK banks to launch £1bn venture capital fund
