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Cable Seeks to Carve British Business Bank Out of RBS, BBC Says

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March 6 (Bloomberg) -- U.K. Business Secretary Vince Cable suggested that the government should use part of state-controlled Royal Bank of Scotland Group Plc to create a business lender to support exports and industrial projects, the BBC reported.

“My suggestion is that we recognize that RBS will not return to the market in its current shape and use its time as ward of state to carve out of it a British Business Bank with a clean balance sheet and a mandate to expand lending rapidly to sound business,” Cable wrote to Prime Minister David Cameron on Feb. 8, the BBC said, citing a letter published on its website.

“We should be willing to use such an institution to support our other industrial objectives, such as supporting exports and sectors identified as of strategic importance,” Cable wrote, noting that “this will take time.”

To contact the reporter on this story: Eddie Buckle in London at ebuckle@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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