The United Kingdom has the most extensive banking industry in the continent. Moreover, it stands fourth in comparison with countries across the world. The banking industry is quite significant in the United Kingdom as they have employed various latest technologies and developed them exponentially.
They are known for providing finance to countries and corporations to countries across the world. The large banking structure of the United Kingdom has a hand in almost all sectors of the country. It is a testament to the greatness of the banking sector in the United Kingdom that almost every UK citizen owns a debit card. Moreover, over 60% of citizens have credit cards.
As there is an extensive banking industry in the United Kingdom, naturally, they have various types of banks available as well. The different types of banks in the UK can help serve different types of needs ranging from business to personal needs. The top four types of banks in the United Kingdom are Central Bank, banks that cater to businesses, banks that cater to investors, and High Street Banks. There are numerous companies in the banking industry in the United Kingdom. Read this article to learn about the various companies in the banking industry of the United Kingdom.
Top Companies In The Bank Industry In The UK
1. Lloyds Banking Group
The Lloyds Banking Group has been around in the United Kingdom since 2009. It has quickly gained recognition and is a prominent company in the country’s banking industry. They were founded by merging Lloyds TSB and HBOS. This banking group has four significant subsidiaries that are Halifax, HBOS, Lloyds Bank, and Bank of Scotland. Its headquarters are located in the capital city. They are claimed to be the second most significant banking company.
- Headquarters: London, England, UK (operational headquarters), Edinburgh, Scotland, UK (registered office)
- Parent Company: Lloyds Banks
2. HSBC Holdings
HSBC Holdings stands seventh among the most significant banking companies worldwide. Moreover, it is the biggest bank in the continent with the most assets. However, it was initially founded in Hong Kong in 1865. But today, it has grown exponentially and has its headquarters in the capital city of the United Kingdom. It is such a famous company in the banking industry of the United Kingdom as it offers a wide variety of services such as global banking, wealth management, commercial banking, retail banking, global private banking, etc. The full form of name is HSBC Holdings in Hong Kong and Shanghai Banking Corporation, as the bank was formed in Hong Kong.
- Headquarters: London, United Kingdom
- Parent Company: HSBC
3. Barclays
Like the other companies mentioned in this article, Barclays is also headquartered in the financial capital of the United Kingdom, London. It is a global Bank for investment purposes and offers various financial services. Even though it has its headquarters in London, it is widespread globally. It has branches available in almost fifty countries worldwide. You can take advantage of the different services Barclays offers specifically for investment banking, such as insurance, corporate banking, wealth management, and personal banking.
- Headquarters: London, United Kingdom
- Parent Company: Barclays PLC
4. Royal Bank of Scotland Group
The RBS, also known as the Royal Bank of Scotland Group, offers a wide range of services to its clients. Some popular services they offer that numerous citizens across the United Kingdom use are insurance, corporate finance, personal banking, and business banking. It is headquartered in Edinburgh, Scotland. However, it has numerous branches in various countries across the globe.
- Headquarters: Edinburgh, United Kingdom
- Parent Company: NatWest Group, NatWest Holdings Inc.
5. Santander UK
Santander UK is another famous company in the most extensive banking industry in Europe. They offer financial services to their customers. They have a varied and long list of clients and can cater to global corporate offices and retail and commercial enterprises. Santander UK offers these services through different ways such as mobile, internet, ATMs, telephone, and various other digital methods.
- Headquarters: London, United Kingdom
- Parent Company: Santander Group, Abbey National Treasure
6. Standard Chartered
Standard Chartered was founded in the United Kingdom. However, it has gained popularity and immense significance at a multinational level. It is a banking company that also offers various financial services. It doesn’t provide any banking services to the retail sector in the United Kingdom, despite having its headquarters in London. It gains most of its profits from countries in the Middle East, Asia and Africa.
- Headquarters: London, United King
- Parent Company: Standard Chartered
7. Schroders
Schroders is another major company contributing to the prominent banking industry in the 5he United Kingdom. It majorly deals with the asset management of its clients. It is a multinational company with headquarters in London, United Kingdom. It offers its services in various countries on continents such as Asia, Europe, and North America. Moreover, it also has several branches in the Middle East. They are known for providing a wide range of services, such as wealth management, global banking, retail banking, and commercial banking, to its numerous clients.
- Headquarters: London, United Kingdom
- Parent Company: Schroders
8. Nationwide Building Society
The Nationwide Building Society has around fifteen million members. This makes it the most extensive building society worldwide. This institution mainly provides consultations and other services related to mutual funds. They offer their members various essential financial services and current accounts, savings accounts, and mortgages. People highly prefer it as it offers services that help with personal finances.
- Headquarters: Swindon, United Kindom
- Parent Company: Nationwide Building Society
9. Coventry Building Society
The Coventry Building Society has its base in the United Kingdom. It is considered to be the second-largest bank in the country. This Building Society has three significant subsidiaries called Covered Bonds, Coventry Building Society, and Godiva Mortgages Limited. Their clients can enjoy various services and products such as financial planning, travel insurance, mortgages, savings, and investment services.
- Headquarters: Coventry, United Kingdom
- Parent Company: Coventry building society
10. Close Brothers Group plc
The Close Brothers Group plc is a business bank that provides financial services. It is quite a popular merchant banking group that offers deposit-taking, lending, wealth management services, and trading securities. They are also known for offering deposits to small businesses and individuals in the United Kingdom.
- Headquarters: London, United Kingdom
- Parent Company: Close Brothers Group
Conclusion
The banking industry in the United Kingdom is exceptionally prominent. Numerous companies contribute to this booming sector. However, there are around four to five major companies that dominate the industry. London is considered to be the oldest financial center globally. There are around 52 banking societies and 344 banks in the United Kingdom.
