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 UK? 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 FAQs
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    • Financial Institutions
    The United Kingdom is home to several of the most important banks in Europe. Three UK-based banks - HSBC, Lloyds Banking Group, and Barclays – are not only the largest banks in the country, but also rank among the 15 largest banks in Europe in terms of market capitalization. At the end of 2023, Barclays had a market capitalization of almost 30 billion U.S. dollars, while Lloyds' market cap exceeded 38 billion U.S. dollars. HSBC is by the largest bank not only in the UK, but in Europe, with a market capitalization of over 156 billion U.S. dollars. Other large and well-known banks in the UK are NatWest 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 UK perform well according to profitability and stability measures, such as the common equity tier 1 (CET1) ratio, where all the largest banks are well above the minimum requirements of the Basel III accord. According to customers, however, satisfaction appears to be higher among the new competitors: the online banks like Starling Bank, First Direct, or Monzo. 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 UK?

    There are several online banks operating in the UK, but the three most popular ones are Monzo, Revolut, 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 2023, the bank had more than seven million customers, a figure that has almost doubled in three years. The other major digital-only bank in the country, Starling Bank, was founded in 2014 and has also been growing in popularity. The bank has had high ratios of new customers gained between 2018 and 2023, despite the downward trend in recent years. 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, Mar 12, 2024

    Key insights

    Largest European bank, by market capitalization HSBC

    Topic: Largest banks in the UK (2)

    Detailed statistics

    Leading European banks 2023, 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 156.17bn USD

    Topic: Largest banks in the UK (4)

    Detailed statistics

    Largest banks in the UK 2001-2023, by market capitalization

    Get more insights

    Editor’s Picks Current statistics on this topic

    Current statistics on this topic

    BanksLeading banks in the UK by number of customers 2023
    BanksLargest European banks in 2022, by assets
    BanksLargest banks in the UK 2023, by total assets

    Related topics

    Banking industry

    5
    • Banking industry in Europe
    • Banking industry in the U.S.
    • Banking industry in China
    • European Central Bank
    • Bank of England

    Large banks

    4
    • Environmental commitments of Europe's largest banks
    • HSBC
    • Lloyds Banking Group
    • Barclays Group

    Recession

    3
    • Bank lending during recessions
    • U.S. banking industry during recessions
    • Banking crisis

    Recommended statistics

    Overview

    7
    • Premium Statistic Largest banks worldwide 2023, by market capitalization
    • Basic Statistic Largest banks worldwide 2022, by assets
    • Premium Statistic Leading European banks 2023, by market capitalization
    • Premium Statistic Market capitalization of leading European banks 2010-2023
    • Premium Statistic Largest European banks in 2022, by assets
    • Basic Statistic Market capital value of Europe's largest banks since the coronavirus 2019-2024
    • Premium Statistic Leading European banks 2024, by brand value

    Overview

    • Premium Statistic Largest banks worldwide 2023, by market capitalization

      Topic: Largest banks in the UK (8)

      Largest banks worldwide 2023, by market capitalization

      Largest banks worldwide as of December 2023, by market capitalization (in billion U.S. dollars)

    • Basic Statistic Largest banks worldwide 2022, by assets

      Topic: Largest banks in the UK (9)

      Largest banks worldwide 2022, by assets

      Largest banks worldwide as of December 2022, by assets (in trillion U.S. dollars)

    • Premium Statistic Leading European banks 2023, by market capitalization

      Topic: Largest banks in the UK (10)

      Leading European banks 2023, by market capitalization

      Leading banks in Europe as of December 31, 2023, by market capitalization (in billion U.S. dollars)

    • Premium Statistic Market capitalization of leading European banks 2010-2023

      Topic: Largest banks in the UK (11)

      Market capitalization of leading European banks 2010-2023

      Leading banks in Europe from 2010 to 2023, by market capitalization (in billion euros)

    • Premium Statistic Largest European banks in 2022, by assets

      Topic: Largest banks in the UK (12)

      Largest European banks in 2022, by assets

      Leading banks in Europe 2022, by total assets (in billion U.S. dollars)

    • Basic Statistic Market capital value of Europe's largest banks since the coronavirus 2019-2024

      Topic: Largest banks in the UK (13)

      Market capital value of Europe's largest banks since the coronavirus 2019-2024

      Monthly market capitalization of Europe's largest banks since the coronavirus from December 2019 to March 2024 (in billion U.S. dollars)

      See Also
      UK: revenue of largest banks 2010-2023 | Statista

    • Premium Statistic Leading European banks 2024, by brand value

      Topic: Largest banks in the UK (14)

      Leading European banks 2024, by brand value

      Most valuable banking brands in Europe as of February 2024 (in billion U.S. dollars)

    Profitability

    7
    • Basic Statistic Largest banks in the UK 2001-2023, by market capitalization
    • Premium Statistic Largest banks in the UK 2023, by total assets
    • Premium Statistic Total assets of the largest banks in the UK 2012-2023
    • Basic Statistic Most valuable bank brands in the UK 2015-2024
    • Basic Statistic Cost-to-income ratio of the largest banks in the UK 2023
    • Premium Statistic Revenue of the largest banks in the UK 2010-2023
    • Basic Statistic Net profit of the largest banks in the UK 2023

    Profitability

    • Basic Statistic Largest banks in the UK 2001-2023, by market capitalization

      Topic: Largest banks in the UK (15)

      Largest banks in the UK 2001-2023, by market capitalization

      Largest banks in the United Kingdom (UK) from 2001 to 2023, by market capitalization (in billion U.S. dollars)

    • Premium Statistic Largest banks in the UK 2023, by total assets

      Topic: Largest banks in the UK (16)

      Largest banks in the UK 2023, by total assets

      Largest banks in the United Kingdom (UK) in 2023, by total assets (in billion British pounds and U.S. dollars)

    • Premium Statistic Total assets of the largest banks in the UK 2012-2023

      Topic: Largest banks in the UK (17)

      Total assets of the largest banks in the UK 2012-2023

      Total assets of the largest banks in the United Kingdom (UK) from 2012 to 2023 (in trillion British pounds)

    • Basic Statistic Most valuable bank brands in the UK 2015-2024

      Topic: Largest banks in the UK (18)

      Most valuable bank brands in the UK 2015-2024

      Most valuable bank brands in the United Kingdom (UK) from 2015 to 2024 (in million U.S. dollars)

    • Basic Statistic Cost-to-income ratio of the largest banks in the UK 2023

      Topic: Largest banks in the UK (19)

      Cost-to-income ratio of the largest banks in the UK 2023

      Cost-to-income ratio of the largest banks in the United Kingdom (UK) in 2023

    • Premium Statistic Revenue of the largest banks in the UK 2010-2023

      Topic: Largest banks in the UK (20)

      Revenue of the largest banks in the UK 2010-2023

      Revenue of the largest banks in the United Kingdom (UK) from 2010 to 2023 (in billion British pounds)

    • Basic Statistic Net profit of the largest banks in the UK 2023

      Topic: Largest banks in the UK (21)

      Net profit of the largest banks in the UK 2023

      Net profit of the largest banks in the United Kingdom (UK) in 2023 (in million British pounds)

    Financial stability

    3
    • Basic Statistic CET1 ratio of the largest banks in the UK 2023
    • Premium Statistic Tier 1 capital of the largest banks in the UK 2023
    • Premium Statistic Risk-weighted assets of the largest banks in the UK 2023

    Financial stability

    • Basic Statistic CET1 ratio of the largest banks in the UK 2023

      Topic: Largest banks in the UK (22)

      CET1 ratio of the largest banks in the UK 2023

      Fully loaded Common Equity Tier 1 ratio (CET1) of the largest banks in the United Kingdom (UK) in 2023

    • Premium Statistic Tier 1 capital of the largest banks in the UK 2023

      Topic: Largest banks in the UK (23)

      Tier 1 capital of the largest banks in the UK 2023

      Tier 1 capital of leading banks in the United Kingdom (UK) in 2023 (in billion British pounds)

    • Premium Statistic Risk-weighted assets of the largest banks in the UK 2023

      Topic: Largest banks in the UK (24)

      Risk-weighted assets of the largest banks in the UK 2023

      Risk-weighted assets (RWA) of the largest banks in the United Kingdom (UK) in 2023 (in billion British pounds)

    Branches and customers

    6
    • Premium Statistic Number of branches at selected large banks in the UK 2017-2023
    • Premium Statistic UK: number of open basic bank accounts as of June 2022, by bank
    • Premium Statistic Current account switches of banks in the UK Q3 2023, by net gain/loss
    • Premium Statistic Ratio of bank customers won and loss in the UK Q3 2023
    • Premium Statistic Leading banks in the UK by number of customers 2023
    • Basic Statistic Leading banks in the UK 2023, by customer satisfaction

    Branches and customers

    • Premium Statistic Number of branches at selected large banks in the UK 2017-2023

      Topic: Largest banks in the UK (25)

      Number of branches at selected large banks in the UK 2017-2023

      Number of branches at selected leading banks in the United Kingdom (UK) from 2017 to 2023

    • Premium Statistic UK: number of open basic bank accounts as of June 2022, by bank

      Topic: Largest banks in the UK (26)

      UK: number of open basic bank accounts as of June 2022, by bank

      Total number of open basic bank accounts in the United Kingdom (UK) as of June 2022, by bank (in 1,000s)

    • Premium Statistic Current account switches of banks in the UK Q3 2023, by net gain/loss

      Topic: Largest banks in the UK (27)

      Current account switches of banks in the UK Q3 2023, by net gain/loss

      Net current account customers gained or lost by leading banks in the United Kingdom (UK) via "current account switch service" (CASS) in 3rd quarter 2023

    • Premium Statistic Ratio of bank customers won and loss in the UK Q3 2023

      Topic: Largest banks in the UK (28)

      Ratio of bank customers won and loss in the UK Q3 2023

      Ratio of bank customers gained and lost in the United Kingdom in 3rd quarter 2023, by bank

    • Premium Statistic Leading banks in the UK by number of customers 2023

      Topic: Largest banks in the UK (29)

      Leading banks in the UK by number of customers 2023

      Number of customers worldwide at the largest banks in the United Kingdom (UK) in 2023 (in millions)

    • Basic Statistic Leading banks in the UK 2023, by customer satisfaction

      Topic: Largest banks in the UK (30)

      Leading banks in the UK 2023, by customer satisfaction

      Leading banks operating in the United Kingdom (UK) as of August 2023, by current account customer satisfaction

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    Topic: Largest banks in the UK (2024)

    FAQs

    What are the largest banks in the UK? ›

    Three UK-based banks - HSBC, Lloyds Banking Group, and Barclays – are not only the largest banks in the country, but also rank among the 15 largest banks in Europe in terms of market capitalization.

    See Details ›
    Are the UK's largest lenders no longer too big to fail says Bank of England? ›

    The UK's largest banks are no longer “too big to fail” and could foot the bill for their own failures, the Bank of England has said, but it found shortcomings at three banks including HSBC and Lloyds.

    Keep Reading ›
    What are the Big Four Group of UK banks? ›

    The four largest banks in the UK, Barclays, HSBC, Lloyds and NatWest between them, now control 85% of UK business accounts and 75% of current accounts.

    Continue Reading ›
    What is the stress test for banks in the UK? ›

    The stress test is based on the balance sheets as of June 2022. Since then, major UK banks' capital ratios have risen – the combined CET1 capital ratio was 14.6% in the first quarter of 2023. Still, from the starting CET1 ratio of 14.2%, the aggregate ratio fell to 10.8% in the first year of the stress scenario.

    Discover More Details ›
    What are the 5 largest UK banks? ›

    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).

    View Details ›
    What is the main bank in the UK? ›

    The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based.

    Read The Full Story ›
    Is there a problem with UK banks? ›

    UK banks remain strong enough to support households and businesses – even if future economic conditions are worse than we expect. Higher interest payments on loans mean some households and businesses may not be able to make their payments. This increases the risks that banks may face some losses.

    Read On ›
    Are any UK banks at risk of collapse? ›

    As a general rule, your savings are pretty safe in the UK. This is due to the extensive financial regulations in place to ensure banks and financial institutions can withstand situations such as those in the news right now. In addition, we have the additional protection of the FSCS (up to the limits I just mentioned).

    Show Me More ›
    What happens if a UK bank collapses? ›

    If you hold money with a UK-authorised bank, building society or credit union that fails, we'll automatically compensate you. up to £85,000 per eligible person, per bank, building society or credit union. up to £170,000 for joint accounts.

    Tell Me More ›
    What is the richest bank in the UK? ›

    Largest banks in the UK 2023, by total assets

    HSBC was the largest bank in the United Kingdom as of June 30, 2023, boasting total assets valued at approximately 3.04 trillion U.S. dollars. As of 2022, HSBC was also the largest bank in Europe, and it stood as one of the global banking industry's leading institutions.

    See More ›

    Who owns the biggest bank in UK? ›

    HSBC Holdings has been deemed the seventh-largest bank globally and the largest in Europe in holding total assets. Although it was founded in Hong Kong in March 1865, it currently has its headquarters in the financial capital of the United Kingdom, London, and is the largest bank in the United Kingdom.

    Read On ›
    What is CET1? ›

    Common Equity Tier 1 (CET1) is a component of Tier 1 capital and comprises primarily of common stock held by a bank or other financial institution. 1 CET1 is a capital measure that was introduced in 2014 as a precautionary way to protect the economy from a financial crisis.

    See Details ›
    What is the net interest income of banks in the UK? ›

    Traditional banks in the United Kingdom (UK) had a much higher interest income than digital banks in 2023. According to Statista Financial Market Insights, the net interest income of the traditional banking industry in the UK amounted to roughly 181.1 billion U.S. dollars.

    Continue Reading ›
    What are the 8 major banks in the UK? ›

    For simplicity, we refer to these as 'firms'. This is the Bank's first public assessment of the resolvability preparations of the eight major UK firms under the Resolvability Assessment Framework (RAF) – Barclays, HSBC, Lloyds Banking Group, Nationwide, NatWest, Santander UK, Standard Chartered and Virgin Money UK.

    Discover More ›
    What are the best 4 banks in the UK? ›

    The four leading banks in the UK are Barclays, HSBC, Lloyds Banking Group and the Royal Bank of Scotland. Barclays is one of the oldest established banks and it was started in 1690. Lloyds began in 1765 and the Royal Bank of Scotland was founded in 1727. The newcomer is HSBC which was not established until 1865.

    Find Out More ›
    Which is the richest bank in the UK? ›

    Largest banks in the UK 2023, by total assets

    HSBC was the largest bank in the United Kingdom as of June 30, 2023, boasting total assets valued at approximately 3.04 trillion U.S. dollars. As of 2022, HSBC was also the largest bank in Europe, and it stood as one of the global banking industry's leading institutions.

    Learn More Now ›
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