The UK runs a highly developed banking sector. They have the largest banks in Europe. Meanwhile, they rank fourth largest in the world. They are also considered the largest financial center in the world for cross-border lending. All the banks within the industry vary in size and composition. And as a result of the variation, there are a few ones that are bigger and better when compared to others. That established, below is a table showing the ten biggest banks within the UK economy and their value. Subsequent paragraphs will be discussing these banks. Enjoy!!
- HSBC Holdings
- Lloyds Banking Group
- Royal Bank of Scotland Group
- Standard Chartered
- Nationwide Building Society
- Santander UK
- Close Brothers
- Coventry Building Society
Santander UKClose BrothersSchrodersCoventry Building Society
|Rank||Bank||Total Assets (In billions of British pounds)|
|2.||Lloyds Banking Group||817|
|3.||Royal Bank of Scotland Group||783|
Nationwide Building Society
|10.||Coventry Building Society||51|
1. The HSBC Holdings Plc
HSBC Holdings Plc is the largest bank in the UK. It is, in fact, the 7th largest bank in the world. It was founded in 1865 in British Hong Kong. The bank operates four major business strands which include global banking, global private banking, commercial banking, and retail banking. They are presently spread across sixty-seven different countries of the world with 3900 offices.
2. The Lloyds Banking Group
This is another big bank in the UK; the second largest. It was established in 2009 from the merger of HBOS and Lloyds TBS. The Lloyds banking group has its headquarter in London. The bank operates in several other countries within Europe, and even in other continents like Asia, Middle East, and the US, and has a staff strength of about 75,000 employees. The group is organized into retail, commercial banking, insurance, and consumer finance.
3. The Royal Bank of Scotland Group
The Royal Bank of Scotland Group is a popular bank in the UK. It is commonly called the RBS Group. The bank has its headquarters in Edinburgh, Scotland, and has other offices in Europe, Asia, and North America. It provides several different banking services such as personal and business banking, insurance, and corporate finance. It is a holding company, and issues banknotes in Northern Ireland and Scotland.
4. The Barclays
Barclays is a very popular bank in the UK and ranks fourth largest. It is a global bank with headquarter in London. The bank’s services include wealth management, corporate and personal banking, and insurance. It started out in 1690 as a goldsmith banking business in London. But presently, the global bank operates within a large coverage of about 40 countries and has over 120,000 employees. In the industry, it is known as an innovative bank and is valued at £1,203 billion.
5. The Standard Chartered Bank
Standard Chartered is a UK bank, although it doesn’t offer retail banking services in the UK. It is headquartered in London. And has about 1,200 branches in at least 70 and a staff strength of over 87,000 people. Most of its services are provided in other continents like Africa, Asia, and the Middle East. And about 90% of its earnings come from these continents. The bank’s assets are valued at £526 billion.
6. Nationwide Building Society
Nationwide Building Society was established in 1884. The bank has its head office in Swindon. At the moment, the bank has over 15,000 staff all across the United Kingdom. Nationwide Building Society provides its clients a wide range of banking services, which include mortgages, project finances, savings accounts, current accounts, other types of loan schemes, and much more. In addition, the bank provides community building loan facilities such as investment products and several types of financial plans for the purchase of different types of uses.
7. Santander UK
Santander UK is a subsidiary of the financial institution Santander Group. It is one of the biggest banks in the UK. The bank operates out of London, and it was opened in 1988. Since then, Santander UK has employed close to 20,000 staff all across the United Kingdom.
Santander UK provides several types of banking services such as commercial banking services, corporate banking services, and retail banking services. Across the United Kingdom, Santander UK has over 800 branches, out of which 67 operate as corporate business outlets. Likewise, the bank operates several ATMs at strategic locations. Its clients also enjoy services such as mobile banking, telephone banking, and other state-of-the-art banking services.
8. Close Brothers
Close Brothers is another bank in the United Kingdom. The bank has its corporate headquarters in London since it was opened in 1920. Close Brothers Bank has three main banking divisions, which are property, commercial, and retail divisions. Within the three combined divisions, Close Brothers have employed more than 2,000 employees across all its branches.
The retail section of Close Brothers Bank is predominately concerned with providing financing for the financial activities of individuals, insurance companies, retailers, and car dealers. The commercial section works closely with several companies that are considered small and medium-sized enterprises. On the other hand, the property section primarily works with property developers.
Schroders is another largest bank within the United Kingdom that has a total asset that amounts to £19 billion and a net income of over £470 million. This financial institution was established in 1804 with its head office operating out of London. At the moment, Schroders has a staff force of over 4,000 people. Schroders has several international branches in locations such as Africa, Europe, Asia, and the Middle East. Schroders operates three distinct sections, which operate independently. These sections are wealth management, retail banking, and commercial banking.
10. Coventry Building Society
Coventry Building Society is a banking institution and a building society institution. The bank has a total asset that is over £51 billion and a net income that is over £160 million. Coventry Building Society has over 2,000 employees all across the United Kingdom.
Coventry Building Society offers its clients banking services for building services. In addition, it offers its clients savings products, mortgages, brokerage services, and other insurance-related services.