Top UK Banks
|Date Added: December 06, 2010 03:27:31 PM|
|The banking industry in the United Kingdom is heavily concentrated amongst the top 10 banks, with more than ninety percent of the market share being attributed to these banks. Although the advent of Internet banking has increased competition somewhat, the top 10 banks still dominate the banking industry in the United Kingdom.|
Industry Presence of the Top UK Banks
The top banks in the UK currently employ a half a million people, and provide banking products and services to 95 percent of the United Kingdom's population. Although the top 10 banks in the United Kingdom dominate the banking industry, the 'big four' UK banks are especially successful, accounting for more than half of the overall presence and assets of the top 10 UK banks. The following paragraphs outline some basic information about the top UK banks.
UK Banking Statistics
The main retail banks in the country provide more than 125 million accounts, and conduct more than 7 billion transactions each year. The top banks also facilitate almost two and a half billion cash withdrawals through more than 30,000 ATMS. The amount of foreign exchange business that passes through the top banks in London each day amounts to approximately $1 trillion, on average. A quarter of all corporation tax supplied to the UK government comes from the top banks in the UK banking industry. London in particular is known for their presence in the global banking system.
The Big Four Banks
The four big banks in the United Kingdom are HSBC, Lloyds Banking Group, Royal Bank of Scotland, and Barclays plc. HSBC, founded in 1865, currently has more than 8,000 offices in 88 countries on nearly every continent, with 1500 branches in the UK alone. The bank currently has about 100 million customers, and is held by about a quarter million shareholders in almost 120 countries. Lloyds Banking Group is was formed via the 2009 acquisition of HBOS by Lloyds TSB.
The group's activities, which span most of the globe, are split into four divisions - Retail Banking, Insurance, Wholesale, and Wealth & International. The Royal Bank of Scotland Group currently provides financial products and services to more than 40 million individuals, businesses, and institutions through more than 30 different brands. Barclays plc has over 300 years of experience, operating in more than 50 countries, and employing nearly 150,000 people. Barclays plc is divided into two main sectors – Global Retail banking, and Corporate & Investment banking.
The top UK banks provide their individual customers with many financial services and products including consolidation loans, credit cards, car loans, mortgages, and lines of credit.