Meaning of challenger bank in English:

challenger bank


  • A relatively small retail bank set up with the intention of competing for business with large, long-established national banks.

    ‘the British Bankers' Association urged ministers and regulators to boost competition by providing more support for challenger banks’
    • ‘Slowly but surely, Britain's new challenger banks are beginning to make inroads into the lending market.’
    • ‘While the entrance of challenger banks to the market is welcome, these providers are not yet able to provide the additional funding required to make up for the diminished capacity of the established players.’
    • ‘"Emotionally, many small businesses feel disenfranchised and disenchanted with the main banks - they're very keen to deal with a challenger bank."’
    • ‘The inquiry envisaged a major sell-off of branches by Lloyds Banking Group as the best hope for quickly establishing a new challenger bank.’
    • ‘"I would still think that if there was a challenger bank who could get their act together in New Zealand, that they would find some traction there," he said.’
    • ‘The challenger banks are having an impact too.’
    • ‘It is believed to have around £300m of funding with which to boost lending from challenger banks such as Aldermore, Shawbrook and Metro.’
    • ‘'A number of participants, including smaller, challenger banks, have successfully used the scheme to expand their SME [small and medium-sized firms] lending.'’
    • ‘"Competition is growing as existing providers are upping their offerings and challenger banks are competing to attract new customers."’
    • ‘Up to five lenders - the so-called new "challenger banks" seeking to disrupt Britain's high-street names and ride a recovering economy - also plan to list.’