The banking system in the UK is highly concentrated with the top 10 banks having over 90% of market share.
In recent years, the advent of internet banking has provided a new source of income, but, at the moment the banking system is still dominated by these top 10 banks.
| Number | Bank |
Headquarters |
Assets £m) |
Assets ($m) |
| 1. | HSBC Bank |
London |
662,710 |
1,267,777 |
| 2. | Royal Bank of Scotland | Edinburgh |
583,467 |
1,124,108 |
| 3. | Barclays Bank | London |
522,089 |
1,005,857 |
| 4. | HBOS | Edinburgh |
442,881 |
853,255 |
| 5. | Lloyds TSB | London |
279,843 |
539,146 |
| 6. | Standard Chartered | London |
73,543 |
141,688 |
| 7. | Alliance & Leicester | Leicester |
49,967 |
96,266 |
| 8. | Northern Rock | Newcastle upon Tyne |
42,790 |
82,439 |
| 9. | Co-operative Bank | Manchester |
39,000 |
71,327 |
| 10. | Bradford & Bingley | Bingley |
35,458 |
68,313 |
Note: Recent merger of HBOS and Lloyds TSB
This is a rough guide to the biggest 10 British banks.
Some interesting facts about British banks.
- They employ 0.5million people
- Banks and financial services contribute £70bn to the UK’s national output (6.8% of GDP)
- Banks and financial services provide 25% of total corporation tax (£8bn) to the UK Gov
- The main retail banks provide over 125m accounts, clear 7bn transactions a year and facilitate 2.3bn cash withdrawals per year from its network of over 30,000 free ATMs
- Banks provide banking services to 95% of the UKs population
- The value of foreign exchange business passed through London every day is £560bn ($1 trillion)
Source: Top 10 British Bank facts at BBA
Banks Definition at economics dictionary
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