NatWest has given the local market place some reassurance with a commitment not to increase overdraft pricing for small businesses, with effect from 1 December 2008. In delivering peace of mind on both borrowing and pricing to this vital sector in the local economy, the Bank has also pledged to continue to provide committed overdrafts to small businesses with pricing guaranteed for 12 months from the day it is agreed or at renewal time.

However, Gibtelecom’s earlier telecommunications The committed overdraft pledge applies to the customers of Business Banking and is subject to customers staying within their agreed terms and conditions. The Price Promise also applies to customers of Business Banking with committed overdrafts as long as there is no increase in the risks associated with lending to them.
Announcing these commitments Regional Manager, Kerry Blight, said “We are very pleased to follow the lead of our parent bank RBS Group in the UK as we genuinely understand the challenges facing our small business customers. Having so many customers in this sector in Gibraltar, we want to reassure them that we are not only open for business, but we are responding to the tougher trading conditions and are willing to make this commitment.
As well as this promise, the vast majority of NatWest small business lending is base rate linked so all these businesses will benefit immediately from any cut in interest rates”
Mr. Blight said that the business community has responded favourably to the recent announcement. He added “The NatWest management has reported positive feedback from its recent announcement that it will guarantee overdraft facilities for small business customers.
The small business community plays an important role in the local economy and NatWest is pleased to offer its support during these testing market conditions.”