As of August, 2024, the banking and building society industry in the United Kingdom is subject to regulation by the Prudential Regulation Authority (PRA). This regulatory body oversees around 1,500 banks, building societies, credit unions, insurers, and major investment firms. The PRA works in conjunction with the Financial Conduct Authority (FCA), which is responsible for regulating how banks conduct themselves within financial markets and how they treat their customers.
The UK boasts a wide range of commercial banks, each offering various products and services to individuals, businesses, and organizations that require financial assistance. Some of the most well-known banks in the UK include Abbey National plc, Abbey National Treasury Services plc, ABC International Bank plc, Access Bank UK Limited, and Ahli United Bank (UK) plc.
Other commercial banks operating in the UK are as follows:
- Airdrie Savings Bank
- Allied Bank
- Alpha Bank
- AMC Bank Ltd
- Anglo-Romanian Bank Ltd
- ANZ Bank (Europe) Ltd
- Banc of America Securities Ltd
- Bank Leumi (UK) plc
- Bank Mandiri (Europe) Ltd
- Bank of Beirut (UK) Ltd
- Bank of China (UK) Limited, Bank of London and The Middle East plc
- Bank of New York Mellon (International) Limited
- Bank of Philippine Islands (Europe), PLC, and Bank of Scotland plc.
Additionally, there are Saderat Bank plc, Bank Sepah International plc, Barclays Bank plc, Bradford & Bingley plc, British Arab Commercial Bank Ltd, Broadcastle Bank ltd, Brown Shipley & Co. Ltd, Butterfield Bank (UK) Ltd, C Hoare & Co Investec Bank (UK) Ltd, CAF Bank Ltd, Capital One Bank (Europe) plc, Cater Allen Ltd, Charity Bank Ltd, Church House Trust plc, CIBC World Markets plc, Citi Financial Europe plc, Citibank International plc, Close Brothers Ltd, Clydesdale Bank plc, Consolidated Credits Bank Ltd, Conversbank (UK) Limited, Co-operative Bank plc, The, Coutts & Co, Credit Suisse International, Crown Agents Bank Ltd, DB UK Bank Limited, Dresden Kleinwort Limited, and Dunbar Bank plc.
Furthermore, there are EFG Private Bank Ltd, Egg Bank plc, Europe Arab Bank Plc, European Finance House Ltd, European Islamic Investment Bank Plc, FBN Bank (UK) Ltd, FCE Bank plc, FIBI Bank (UK) plc, First Trust Bank, Gatehouse Bank plc, GE Capital Bank Ltd, Ghana International Bank plc, Goldman Sachs International Bank, Gulf International Bank (UK) Ltd, Habib Allied International Bank plc, Harrods Bank Ltd, Havin Bank Ltd, HBOS Bank, and Heritable Bank Ltd.
The list of commercial banks in the UK continues with HFC Bank plc, HSBC Bank plc, ICBC, ICICI Bank, Intercontinental Bank (UK) plc, Islamic Bank of Britain plc, Ivobank Limited, J P Morgan International Bank Ltd, Jordan International Bank plc, Julian Hodge Bank Ltd, Kaupthing Singer & Friedlander Limited, Kexim Bank (UK) Ltd, Kingdom Bank Ltd, Kleinwort Benson Private Bank, Kookmin Bank International Ltd, Liverpool Victoria Banking Services Ltd, Lloyds TSB Bank plc, London Scottish Bank plc, Macquarie Bank International Limited, MBNA Europe Bank Ltd, MediCapital Bank plc, Melli Bank plc, Methodist Chapel Aid Ltd, Mizuho International plc, Morgan Stanley Bank International Ltd, N M Rothschild & Sons Ltd, National Bank of Egypt International Ltd, National Bank of Kuwait (International) plc, National Westminster Bank plc, Nomura Bank International plc, Northern Bank Ltd, Northern Rock plc, Northern Trust Global Services Limited, Persia International Bank Ltd, Philippine National Bank (Europe) plc, R Raphael & Sons plc, Rathbone Investment Management Ltd, Reliance Bank Ltd, Royal Bank of Canada Europe Ltd, Royal Bank of Scotland plc, The, Ruffler Bank plc, Sainsbury’s Bank plc, Schroder & Co Ltd, Scotiabank Europe plc, Scottish Widows Bank, Secure Trust Bank plc, SG Hambros Bank Limited, Smith & Williamson Investment Management Ltd, Sonali Bank (UK) Ltd, Southsea Mortgage & Investment Co Ltd, Standard Bank Plc, Standard Chartered Bank, Standard Life Bank Ltd, State Street Bank Europe Ltd, Sumitomo Mitsui Banking Corporation Europe Ltd, TD Bank Europe Ltd, The Hampshire Trust plc, Turkish Bank (UK) Ltd, UBS Bank, Ulster Bank Ltd, Union Bank UK plc, United National Bank Ltd, United Trust Bank Ltd, Vanquis Bank Ltd, VTB Bank Europe Plc, Weatherbys Bank Ltd, Wesleyan Bank Limited, West Merchant Bank Ltd, Westpac Europe Limited, Whiteaway Laidlaw Bank Ltd, and Zenith Bank (UK) Limited.
Apart from commercial banks, building societies also operate in the UK. Building societies are financial institutions owned by their members. These institutions offer savings accounts, mortgages, and other financial services to their members. The list of building societies in the UK includes Bath Building Society, Beverley Building Society, Buckinghamshire Building Society, Cambridge Building Society, Capital Credit Union, Chelsea Building Society, Chorley & District Building Society, Coventry Building Society, Cumberland Building Society, Darlington Building Society, Dudley Building Society, Earl Shilton Building Society, Ecology Building Society, Family Building Society (a trading name of National Counties Building Society), Furness Building Society, Glasgow Credit Union, Hanley Economic Building Society, Harpenden Building Society, Hinckley and Rugby Building Society, Leeds Building Society, Leeds Credit Union, Leek United Building Society, London Mutual Credit Union, Loughborough Building Society, Manchester Building Society, Manchester Credit Union, Mansfield Building Society, Market Harborough Building Society, Marsden Building Society, Melton Mowbray Building Society, Monmouthshire Building Society, National Counties Building Society (also trades as Family Building Society), Nationwide Building Society, Newbury Building Society, Newcastle Building Society, Norwich & Peterborough Building Society (now only used for some existing mortgage customers), No 1 Copperpot Credit Union, Nottingham Building Society, Penrith Building Society, Principality Building Society, Progressive Building Society, Saffron Building Society, Scottish Building Society, Scotwest Credit Union Ltd, Skipton Building Society, Stafford Railway Building Society, Suffolk Building Society (formerly Ipswich Building Society), Swansea Building Society, Teachers Building Society, Tipton & Coseley Building Society, Vernon Building Society, West Bromwich Building Society, and Yorkshire Building Society (also the parent company of trading names Chelsea Building Society and Norwich & Peterborough Building Society).
In conclusion, the UK banking and building society industry is regulated by the PRA and FCA. There is a wide range of commercial banks offering different financial products and services to customers in the UK, while building societies offer savings accounts, loans, and mortgages to their members.