Nationwide Building Society is stopping its plans to enter the UK business banking market “as it prioritises supporting its members through the immediate and longer-term financial implications of COVID-19.”

The impact of COVID-19, including assumption changes to short and long-term interest rates, has meant that the option of entering the business banking market is no longer commercially viable.

As a consequence of its decision, Nationwide will cease activity directly related to its proposed market entry, it will return the £50 million grant funding it was awarded from the Banking Competition Remedies’ Capability and Innovation Fund.