Cynergy Bank has announced a partnership with the Institute for Family Business which sees it become the organisation’s first Preferred Partner in the banking sector.
Two thirds of UK businesses are family owned - 4.7 million in total, of which over 17,000 are medium and large businesses. These businesses generate over a quarter of UK GDP and employ around 12.2 million people.
The Institute for Family Business is the voice of the UK family business sector. It is a not for profit organisation which works closely with family firms to gather evidence on how the sector is faring and the challenges they face. IFB’s members collectively turn over about £100bn and employ over half a million people.
Nick Fahy, CEO of Cynergy Bank said: “The partnership with IFB demonstrates our commitment to serve the needs of Britain’s family entrepreneurs and business owners. At Cynergy Bank we recognise that entrepreneurs frequently lead inter-connected lives, with their business, family and personal banking needs constantly overlapping. We look forward to benefiting from IFB’s expertise in the family business space and to sharing our experiences with them.”
Elizabeth Bagger, director general of IFB, said: "Family businesses are the backbone of our economy, so it is vital they get the support they need to thrive. I'm delighted that Cynergy Bank have committed to supporting family firms in this way and look forward to working with them."