RBS has told staff about plans to create a standalone digital bank to compete with rapidly growing fintech groups like the mobile-only bank Monzo and Revolut.
The new bank will be called Bó and will be led by Mark Bailie, the former chief operating officer of RBS, according to a Sky News report that cites anonymous sources.
The reason for calling the new lender Bó is unclear, although one source said that it meant “to live” in Danish.
Bó will only be accessable on mobile devices and is due to be publicly launched next year.
RBS executives want to migrate one million NatWest customers to the new platform, sources said.
It was first revealed that taxpayer-owned RBS was working on a plan for a new…