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Largest banks in the UK - statistics & facts

The United Kingdom headquarters several of the most important banks in Europe. Three UK based banks - HSBC, Barclays, and Lloyds banking Group – are not only the largest banks in the country, but also rank among the top ten banks in Europe in terms of market capitalization. All three banks have a market capitalization above 30 billion U.S. dollars, while the largest - HSBC - is the largest bank in Europe with a market capitalization of over 107 billion. In addition, UK based banks Barclays and Lloyds rank as the ninth and tenth largest in Europe. Other large and well-known banks in the United Kingdom are NatWest Group and Standard Chartered, even though they do not rank among the top players in Europe.

Are large banks the best banks?

The largest banks in the United Kingdom perform well according to profitability and stability measures, such as common equity tier 1 (CET1) ratio, where all of the largest banks are well above the minimum requirements of the Basel III accord. According to customers, however, satisfaction seems to be higher of the new competitors: the online banks like Starling Bank and Monzo Bank. These relatively newcomers see high number of net current account customers switching to their banks, while the giants such as Barclays and HSBC have seen large net losses of customers during the last few years.

Which are the popular online banks in the United Kingdom?

There are several online banks operating in the United Kingdom, but the most popular two are Monzo Bank and Starling Bank. Monzo was founded in 2015 and is a digital-only bank with no physical branches. Their customer numbers are growing rapidly, and as of 2021, the bank had five million customers, a figure that has more than doubled in two years. The other major digital-only bank in the country, Starling Bank, was founded in 2014 and has also been a huge success. The bank has had high ratios of new gained customers during the last few years, at between seven and 16 percent per quarter. Though the bank operates globally, most of their customers are from the United Kingdom.

Interesting statistics

In the following 4 chapters, you will quickly find the 23 most important statistics relating to "Largest banks in the UK".

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