Largest banks in the UK - statistics & facts

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
Largest European bank, by total assets
HSBC
Market capitalization of HSBC Holdings
156.17bn USD
Get more insights

Editor’s Picks Current statistics on this topic

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

Banks

Leading banks in the UK by number of customers 2023

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

Banks

Largest European banks 2022, by assets

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

Banks

Largest banks in the UK 2023, by total assets

Related topics

Banking industry

5

Large banks

4

Recession

3

Recommended statistics

Overview

7

Overview

Profitability

7

Profitability

Financial stability

3

Financial stability

Branches and customers

6

Branches and customers

Further reportsGet the best reports to understand your industry

European Central Bank
European Central Bank
HSBC
HSBC
Lloyds Banking Group
Lloyds Banking Group
Digital banks in the United Kingdom
Digital banks in the United Kingdom
Central banks
Central banks
Bank of England
Bank of England

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)
Email
support@statista.com

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)
Email
asia.support@statista.com

Mon - Fri, 9am - 5pm (SGT)

Contact Kisara Mizuno
Kisara Mizuno
Senior Business Development Manager– Contact (Asia)
Email
asia.support@statista.com

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)
Email
eu.support@statista.com

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)
Email
latam@statista.com

Mon - Fri, 9am - 6pm (EST)

Menu