Sixty per cent of Britain’s small and medium-sized enterprises never see their bank manager, according to research from Bank of Cyprus UK.
A survey of 500 senior SME managers revealed the sector has little contact with their banks, with only 19 per cent seeing their bank manager on a yearly basis, and just 13 per cent seeing their bank manager every few months.
However, with the onset of the recession, the frequency of visits by those who do see their bank manager on a regular basis has nearly doubled, increasing from five per cent having monthly or twice-monthly visits to nearly nine per cent.
Tony Leahy, head of communications at Bank of Cyprus UK, says: “The fact remains that a large number of SMEs are not taking the time to meet with their bank manager, a worrying insight especially in the current climate. It is clearly a negative indicator of the quality of relationship that exists between many businesses and their banks.”
When dealing with their bank manager, 41 per cent of respondents feel that they are either treated like ‘just another customer’ or that their bank manager has a very poor understanding of their business. Only five per cent feel their bank manager has a very good understanding of their business.