Top 15 Largest Banks in the UK 2024

Largest Banks in the UK The United Kingdom is home to some of the world’s biggest and most influential banks. The UK banking sector manages over £7 trillion in assets and is the largest in Europe. While the 2008 financial crisis led to the failure or merging of some major banks, the industry has rebounded strongly. Here are the 15 largest banks in the UK today based on total assets:

1. HSBC

Headquartered in London, HSBC is the largest bank in the UK and one of the biggest banking groups globally. HSBC has £1.4 trillion in total assets with operations across Europe, Asia, Middle East, North America and Latin America. It provides retail and commercial banking, investment banking, wealth management, and more. HSBC was established in 1865 in Hong Kong and Shanghai.

Largest Banks in the UK

2. Barclays : Largest Banks in the UK

Barclays is a global universal bank offering retail banking, credit cards, investment banking, wealth management and investment management services. Headquartered in London, it has total assets of £1.06 trillion. With roots going back to 1690, Barclays now serves over 48 million customers worldwide across consumer and wholesale banking.

Largest Banks in the UK

3. Lloyds Banking Group

Formed in 2009 after Lloyds TSB acquired HBOS, Lloyds Banking Group has emerged as one of the largest retail banks in the UK. Its brands include Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows. The group has £818 billion in total assets and around 26 million customers. Headquarters is in London.

Lloyds Banking Group

4. Nationwide Building Society

As a mutual building society, Nationwide is owned by its members and provides savings, mortgages, insurance and investments. With origins dating back to 1846, it is now the world’s largest building society with £236 billion in assets. Nationwide has around 15 million customers and 650 branches across the UK. It is based in Swindon.

Nationwide Building Society

5. Santander UK

Owned by the Spanish Santander Group, Santander UK is a leading financial services provider in the UK focused on retail and commercial banking, mortgages, corporate lending and more. The bank has £201 billion in total assets and serves around 14 million active customers. Santander UK is headquartered in London.

Largest Banks in the UK

Finance Markets

6. NatWest Group

Previously known as The Royal Bank of Scotland Group, NatWest Group has roots dating back to 1727. The bank provides retail, business and commercial banking services across the UK with £771 billion in assets and over 19 million customers. It is headquartered in Edinburgh.

Largest Banks in the UK

7. Standard Chartered

While headquartered in London, Standard Chartered operates primarily in Asia, Africa and the Middle East. It is focused on corporate and institutional banking, retail banking and wealth management. Standard Chartered has £593 billion in assets. The bank was founded in 1853.

Largest Banks in the UK

8. Bank of Scotland

Now a subsidiary of Lloyds Banking Group, Bank of Scotland is Scotland’s oldest bank founded in 1695. It provides retail and commercial banking services to over 2 million customers. Combined with Lloyds assets, Bank of Scotland holds over £200 billion. Its headquarters remains in Edinburgh.

Largest Banks in the UK

9. Yorkshire Building Society

Operating as a mutual building society, Yorkshire Building Society offers mortgages, savings, insurance, loans and pensions. Founded in 1864, it now holds £36 billion in assets and 3 million customers. Yorkshire Building Society is based in Bradford, West Yorkshire.

Largest Banks in the UK

10. Co-operative Bank

Operating as an ethical bank, the Co-operative Bank offers a range of personal and business banking services. Owned by its stakeholders, the bank manages £22 billion in assets and has 4 million customers. It is headquartered in Manchester.

Co-operative Bank

11. Virgin Money UK

Formed in 2018 after the merger of CYBG and Virgin Money, Virgin Money UK offers digital and retail banking, insurance, savings, mortgages and more. The bank holds over £72 billion in assets and has over 5 million customers in the UK. It is headquartered in Newcastle.

Largest Banks in the UK

12. Tesco Bank

Owned by British supermarket chain Tesco, Tesco Bank provides retail banking, credit cards, loans, mortgages and more. Launched in 1997, it now holds over £7 billion in assets and serves over 5 million customers. The bank’s headquarters is in Edinburgh.

Largest Banks in the UK

13. TSB Bank

A retail and commercial bank founded in 1810, TSB Bank operates over 550 branches across the UK. It was divested from Lloyds Banking Group in 2013. TSB Bank holds over £34 billion in assets and has around 5 million customers. Its headquarters is in Edinburgh.

Largest Banks in the UK

14. Close Brothers Group

Close Brothers Group is a financial services group providing lending, deposit taking, wealth management, and securities trading. Founded in 1878, it manages over £12 billion in assets. Close Brothers focuses on small businesses and individuals. It is headquartered in London.

Largest Banks in the UK

15. Metro Bank

Founded in 2010, Metro Bank was the first new high street bank in the UK in over 150 years. It offers store and digital banking for retail and commercial customers and has £15 billion in assets under management. Metro Bank is headquartered in London.

Largest Banks in the UK

In summary, the UK banking sector is highly concentrated among a few very large global banks. However, smaller retail banks and mutual building societies hold significant market share in their own right focued on consumers and small businesses across the country. The competitive landscape continues to evolve with new digital players and non-bank entrants.

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