Midland pulls out of ethnic bank scheme

Midland Bank has scrapped plans to launch Britain’s first ethnic bank aimed at Asian businessmen.

Last year, it confirmed it was in talks with a group of 20 Anglo-Asian businessmen to launch a high street bank aimed at Asian small and medium-sized businesses. One of the 20 was the multimillionaire chairman of the London Metal Exchange, Raj Bagri.

A spokesman for Midland confirms talks broke down because the two parties could not reach agreement. It is understood that one of the reasons was the level of Midland’s involvement. The bank would have had a separate brand, but Midland would not have had full control.

Recommended

Lever’s reputation ‘under threat’ after Asda link-up

Marketing Week

Lever Brothers is advertising its lead detergent brand Persil alongside Asda’s own-label detergent brand Logic in a landmark decision to suspend the fight against own-label products. The co-operative advertisement, which appears in Asda’s in-store magazine, features the line: “Have the wash you wish for with Asda Logic and Persil.” It will be seen by many […]

Comments

    Leave a comment