This is a list of banks operating in the United Kingdom.

Central bank

The Bank of England is the central bank of the United Kingdom.

The Big Four

Further information: Big Four (banking) § United Kingdom

British banking has been highly consolidated since the early 20th century. Unlike some other major economies, the UK does not have a major stratum of independent local banks. The number of independent banks shrank further during 2008: Northern Rock was nationalised by the UK Government (and is now owned by Virgin Money), followed by Bradford & Bingley; Alliance & Leicester was acquired by Santander, who merged it into Santander UK. On 18 September 2008, Lloyds TSB plc entered into a confirmed agreement to take over HBOS plc, which took effect on 19 January 2009, when HBOS was acquired and folded into Lloyds Banking Group.[1][2][3]

The retail and commercial banking markets are dominated by HSBC, Barclays, Lloyds Banking Group, NatWest Group and Spanish-owned Santander UK (most of these companies operate more than one banking brand in the UK).

  1. ^ Includes Lloyds Bank and Bank of Scotland (including Halifax, Birmingham Midshires and Intelligent Finance).
  2. ^ Includes NatWest, the Royal Bank of Scotland and Ulster Bank. The UK government owns a stake of 22.5% of NatWest Group's ordinary shares,[6] but the bank remains nominally independent of government[7]

Banks incorporated in the UK

A full list of businesses considered banks by the Prudential Regulation Authority are listed in the table below. The list is based on the definition of 'bank' in the glossary of the PRA Handbook.[8]

There is also a government-run savings bank called National Savings and Investments.

British retail banks

These banks provide retail services to the general public. Retail banks are usually known as High street banks as they traditionally had multiple branch locations in the cities and towns across the UK. However 40% of branches closed between 2012 and 2022 .[10] Four British retail banks have never had a physical branch presence.

The retail and commercial banking markets are dominated by five big banks. HSBC, Barclays, Lloyds Banking Group, NatWest Group and Spanish-owned Santander UK who operate more than one banking brand in the UK.

Retail banks owned by retailers

There are a number of other retail banking businesses owned by retailers including:

UK banking brands owned by foreign banks

Building societies in the UK

The other main class of consumer financial service organisation in the United Kingdom is the building society. The building society sector has become much smaller with fewer building societies. This was caused, firstly, a number of building societies demutualising in the 1980s and 1990s and subsequently, taken over by banks. Secondly, there has been ongoing consolidation via mergers between societies.

There are 42 building societies in the UK as of 2021 which provide retail banking services to the general public. The five largest as of October 2020 are:

Name Year

Est.

Headquarters Total

Assets

(£bn)

Employees Branches
Nationwide 1846 Swindon, England, UK 208[18] 18,333 606
Coventry Building Society 1884 Coventry, England, UK 49 2,700 89
Yorkshire Building Society

(also own Chelsea Building Society, Norwich and Peterborough Building Society, Accord Mortgages and Egg)

1864 Bradford, West Yorkshire, England 39.6 3,300 231
Skipton Building Society 1853 Skipton, England 17.5 1,772 98
Leeds Building Society 1875 Leeds, England 20.8 1,426 65

See also

Notes

  1. ^ Includes Lloyds Bank and Bank of Scotland (including Halifax, Birmingham Midshires and Intelligent Finance).
  2. ^ Includes NatWest, the Royal Bank of Scotland and Ulster Bank. The UK government owns a stake of 48.1% of NatWest Group's ordinary shares,[6] but the bank remains nominally independent of government[14]

References

  1. ^ "Lloyds TSB confirms deal to take over HBOS". 18 September 2008. Retrieved 18 September 2008.
  2. ^ "Recommended acquisition of HBOS plc by Lloyds TSB Group plc" (PDF). Lloyds TSB. 17 September 2008. Archived from the original (PDF) on 23 September 2008. Retrieved 18 September 2008.
  3. ^ BBC News: HBOS confirms Lloyds merger talks; Guardian: Banking crisis: Lloyds TSB in talks to buy HBOS
  4. ^ "Statista - Leading banks in Europe as of May 2019, by market capitalization". Statista. 8 December 2019. Retrieved 8 December 2019.
  5. ^ "Statista - Leading banks in Europe 2018, by total assets". Statista. Retrieved 8 December 2019.
  6. ^ a b "Taxpayer no longer majority NatWest shareholder". BBC News. 28 March 2022. Retrieved 28 March 2022.
  7. ^ "RBS shares plunge on record loss". BBC News. 19 January 2009. Retrieved 8 May 2010.
  8. ^ "Banks & building societies lists - Bank of England". www.bankofengland.co.uk.
  9. ^ "New banks authorised since 2013". Bank of England. Bank of England. Retrieved 26 September 2023.
  10. ^ House of Commons Library https://researchbriefings.files.parliament.uk/documents/CBP-8570/CBP-8570.pdf
  11. ^ "Atom Bank: total assets 2019". Statista. Retrieved 8 June 2021.
  12. ^ "Atom Bank Annual Report 19-20" (PDF).
  13. ^ "Annual Report 2024". Monzo. Retrieved 2024-06-03.
  14. ^ "RBS shares plunge on record loss". BBC News. 19 January 2009. Retrieved 8 May 2010.
  15. ^ "Starling Bank Assets 2022" (PDF).
  16. ^ "Tandem Bank: total assets 2018". Statista. Retrieved 8 June 2021.
  17. ^ "The Cooperative Bank Annual Report for Year ended 2020" (PDF). 8 June 2021.
  18. ^ "Sneddon, Hutchison Burt, (17 April 1929–7 November 2009), JP; Lord-Lieutenant of Lanarkshire, 1992–99; former Scottish Divisional Director, Nationwide Anglia Building Society (formerly Nationwide Building Society)". Who Was Who. Oxford University Press. 1 December 2007. doi:10.1093/ww/9780199540884.013.u35562. Retrieved 8 June 2021.