July 13, 2024 3:18 am

The United Kingdom’s major financial institutions

The United Kingdom’s major financial institutions
Image credit: Pexels

Banks play a crucial role in maintaining the economy of any country. If you want to know about the most successful banks in UK, this article is for you.

UK’s biggest banks at present

Here is a list of the biggest banks handling the finances of UK:

  • HSBC Holdings

The biggest bank in the United Kingdom based on its asset value is the HSBC Holding Plc. It is also the biggest bank in Europe with a total asset amounting to 1,936 billion pounds. It has derived its name from the bank’s name’s initials, namely, Hong Kong and Shangai Banking Corporation.

HSBC Holdings’ year of establishment in British Hong Kong is 1865 and in London, 1991. It has 3,900 offices functioning in 67 countries across Europe, North America, South America, Oceania, Asia, and Africa. The bank has has thousands of employees.

The four business groups of HSBC Holdings are:

  • Global Banking
  •  Global Private Banking
  • Retail Banking
  • Commercial Banking

Royal Bank of Scotland Group

Royal Bank of Scotland Group, abbreviated as RBS Group, is a major holding company offering a broad spectrum of banking services to its customers like business and personal banking, corporate finance, insurance etc. The headquarters of the group is present in Scotland’s Edinburgh and there are other offices in North America, Europe, and Asia.

As asset value of approximately 783 billion euros makes the RSB Group the third biggest bank in the United Kingdom. It issues banknotes in Scotland and Ireland.

  • Lloyds Banking Group

Lloyds Banking Group came into existence when Lloyds TBS and HBOS joined hands in the year 2009. The headquarters of the group is in London’s Gresham Street. It has asset of nearly 817 billion, making the Lloyds Banking Group the second largest in all of UK.

The bank has extensive operations in multiple countries in Middle East, the US, Asia, and Europe. The bank is organized into commercial banking, consumer finance, retail, and insurance. It has nearly 75,000 workers working in its offices worldwide.

  • Barclays

Barclays is a famous multinational bank which has its headquarters in the city of London. The bank provides services and products across corporate banking, personal banking, insurance, and wealth management.

Currently, it continues banking operations in 40 countries and has more than 120,000 workers. The bank’s year of formation in London is 1690 after which it emerged as a nationwide bank in a few years.

  • Standard Chartered

The list of the best banks in London is incomplete without mention of the Standard Chartered. Based in London, this bank operates a vast network of more than 1,200 branches in 70 different countries. They provide employment to 87,000 people approximately.

Although the bank is based in United Kingdom, it does not handle retain banking from there. Almost 90 percent of its annual profit comes from Asia, the Middle East, and Africa. Temasek Holdings, owned by the Singapore Government, is the biggest shareholder of Standard Chartered. The value of the bank’s asset is 526 billion euros.

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