BURNLEY’s ‘Bank of Dave’ could set the template for more community banks, Dr Cable said.
Speaking on the day RBS announced it had set aside £576million for staff bonuses despite making a loss of £8.2bn in 2013, the business secretary said: “I would like to see much more of Dave Fishwick.
“I think the future does lie with smaller, more specialised banks and we are beginning to do that.
“One of the things I’m doing is launching the British Business Bank which is encouraging new people in banking. I think the era of RBS, Lloyds, Barclays and HSBC being the only people out there is going and I’m sure Dave will have a big role to play in that.”
Mr Fishwick, who made his fortune with his Colne-based bus firm, launched Burnley Savings and Loans, in Keirby Walk, in September 2011.