Topic: Largest banks in the UK (2024)

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Are large banks the best banks? Which are the popular online banks in the United Kingdom? Key insights Editor’s Picks Current statistics on this topic Current statistics on this topic Related topics Banking industry Large banks Recession Recommended statistics Overview Overview Profitability Profitability Financial stability Financial stability Branches and customers Branches and customers Further reportsGet the best reports to understand your industry Get the best reports to understand your industry Contact
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    • The United Kingdom is home to several of the most important banks in Europe. Two UK based banks - HSBC and Lloyds Banking Group – are not only the largest banks in the country, but also rank among the top 10 banks in Europe in terms of market capitalization. Both of these 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 124 billion U.S. dollars. In addition, UK based banks Lloyds and NatWest rank as the 10th and 14th largest in Europe. Other large and well-known banks in the United Kingdom are Barclays 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 among the new competitors: the online banks like Starling Bank and Monzo Bank. These relatively new actors in the banking sector see a 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 2022, the bank had more than five million customers, a figure that has more than doubled in three 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, despite the downward trend in 2021 and 2022. Though the bank operates globally, most of their customers are from the United Kingdom.

    This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.

    Published by Statista Research Department, Apr 27, 2023

    Key insights

    Largest European bank, by market capitalization
    HSBC

    Topic: Largest banks in the UK (2)

    Detailed statistics

    Leading European banks 2022, by market capitalization

    Largest European bank, by total assets
    HSBC

    Topic: Largest banks in the UK (3)

    Detailed statistics

    Largest European banks in 2022, by assets

    Market capitalization of HSBC Holdings
    116.6bn EUR

    Topic: Largest banks in the UK (4)

    Detailed statistics

    Largest banks in the United Kingdom 2016-2022, by market capitalization

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    Topic: Largest banks in the UK (2024)
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