AIB named top business bank

Allied Irish Bank (AIB) has been voted Britain’s Best Business Bank, ahead of the ‘Big Four’ and other UK banks.

AIB received the boost in a comprehensive survey of the small business sector since the completion of the Cruickshank Review and the Competition Commission enquiry.

The survey commissioned by the Forum For Private Business, found that the ‘Big Four’ UK banks (Barclays, Royal Bank of Scotland, Lloyds TSB and HSBC which dominate the market with a combined market share of 75%) are lagging behind smaller rivals, such as Allied Irish Bank.

The survey, conducted every two years, rated Allied Irish Bank top for customer satisfaction for the fifth consecutive time.

Commenting on the results, Aidan McKeon, Managing Director, Allied Irish Bank, said: “We are delighted that our customers have endorsed our position as the proven alternative to the large clearing banks in the UK. Our advantage is that we are able to focus on providing quality services to small businesses by getting to know and understand their business and what they need from their bank.”

According to Mr McKeon, Allied Irish Bank’s understanding of small business is crucial to the bank’s strategy and vision for the future.

“Our ability to focus on the small business market has helped us double our business over the past five years to 2% of the UK small business market,” he said.

Based on responses from more than 6,500 businesses, AIB said the results established that small businesses still have a perception that banks provide poor value in their service – something that the Treasury Committee found in its report on Small Business Banking earlier this year.

(MB)