There are more than 300 banks and 45 building societies in the UK that marks it the most powerful banking system in Europe.
Besides, it is also celebrated as the fourth largest banking system in the world. Henceforth, it can be said that there are the best banks in UK that are serving the classiest and fanciest of their services to the entire nation. However, different branches of the UK banking system involves:
General public avails the best services from the High Street Banks.
High Street Banks provide Business banking services in the UK along with the ordinary account. An additional fee or services is also included.
Financial institutions usually offer Investment banking services on behalf of the investment trusts, High Street banks, and pension’s funds. They invest money in bond and stock markets.
The outlook for the best banks in the UK is negative, according to Moody. This is because of the uncertainties that are brought about by the post-Brexit vote. Here is the list of the top British banks:
7 Best Banks in UK
1# HSBC Holdings
HSBC Holdings headquartered in London, HSBC was founded in 1880. Including subsidiaries, this bank employs around 85,000 individuals.
It works via commercial banking, wealth management and retail banking, global private banking segments, and international banking.
As per December 31, 2016, it had 964 branches in the UK and 13 of them in the Isle of Man along with the Channel Islands.
2# Barclay’s PLC
This bank was established in 1925 and headquartered in London. It provides the best of the services like credit cards, retail banking, wealth management, investment banking, and investment management services.
There is a staff of 119,300 people. Total assets of this bank as of 2016 was the US $99 billion along with the total net income that was the US $2billion. It is one of the best banks in the UK.
3# Royal Bank of Scotland
The royal bank was established in 1880, and its headquarter is in Edinburgh. The number of employees working there are around 77,000.
It works as one of the banks in the UK via Commercial Banking, Private Banking, Personal and Business Banking, Ulster Bank RoI, Williams & Glyn, and Central Items, RBS International, NatWest Markets, Capital Resolution, and other segments.
Total assets as of 2016 of this bank were the US $1 trillion along with the total income of US $17 million.
4# Lloyds Banking Group
This bank was established in 1695 and headquartered in London catering around 70,000 individuals as employees.
It serves the financial and banking services under the Halifax, Lloyds Bank, Scottish Widows Brands, and Bank of Scotland to business and individual customers in the UK and other countries.
Total assets counted by 2016 were US $1 trillion and net income of US $2.8 billion. It is one of the biggest banks in the UK.
5# Standard Chartered PLC
This bank was founded in 1969 and headquartered in London with 86,000 people as a staff. It works via retail banking, Institutional and corporate banking, private banking segments, and commercial banking.
It operated 964 branches in 2016 in the UK and 13 of them in the Isle of Man along with the Channel Islands. Total assets as per last year amounted to the US $647 billion and income of US $540 million. It is also considered as one of the best banks in the UK.
6# Santander Bank
It is one of the largest banks in the UKthat was established in 1988 and headquartered in London.
The number of employees is around 19,500 and the system operates via retail banking, Institutional and corporate banking, private banking segments, and commercial banking.
It has a network of 67 corporate business centres and 841 branches. Besides, they operate via telephony, ATMs, mobile, digital, intermediary channels, and internet.
As per 2016, the total assets of the bank along with the net income were US $400 billion and the US $1 billion respectively.
7# Nationwide Building Society
It is one of the best banks in the UK that was founded in 1884 and headquartered in Swindon.
It has 18,000 people as their staff and operates via commercial and retail segments. Besides, it also has investment and protection products, credit cards, financial planning services, treasury, current overdrafts, and discretionary services. As per 2016 report, the total assets were US $276 billion and net income of US $1.3 billion.
Happy banking.
Resources:
- How to Open a Bank Account in UK
- Top 20 Highest Paying Jobs in UK For 2021
- 30+ Successful Small Business ideas in UK 2021
Author: Bakhtawar
