In recent years, the British Banking system has become highly concentrated due to the wave of mergers following the credit crunch.
Top 5 British Owned banks
|Bank||Market value (£bn)|
As of 24 February 2011
As of 31 December 2008
|Royal Bank of Scotland Group||49.9||2,508|
|Lloyds Banking Group||44.3||1,195|
- Co-operative Bank owned by The Co-operative Group.
- Sainsbury’s Bank: 50% owned by British supermarket company Sainsbury’s and 50% owned by Lloyds Banking Group.
- Tesco Bank: owned by British supermarket company Tesco.
Government Ownership of UK Banks
- Royal Bank of Scotland Group 84% owned by government
- Lloyds Banking group 43% owned by government
10 Largest UK Retail Banks
- Royal Bank of Scotland
- Lloyds TSB
- Halifax (owned by Lloyds)
- Bank of Scotland (owned by Lloyds)
- Santander (Spanish Owned) (was Abbey, also incorporated Bradford & Bingley)
- Nationwide (classed as building society)
- Tesco bank
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