Banking in United Kingdom

Banking originated in the Kingdom of England in the 17th century. The first activity analogous to banking was by goldsmiths with huge accumulations of gold. Banking in United Kingdom prospered throughout the 17th, 18th ,19th and the 20th centuries.

Currently, banks here offer refined services and distinct interest rates without advertisements. The major independent retail banks in United Kingdom are HSBC, Lloyds Group, the Royal Bank of Scotland Group, Standard Chartered, Barclays.

The United Kingdom government holds a major stake of 84% of the shares of the Royal Bank of Scotland which otherwise remains independent of government intervention. The government owns a minor share of the Lloyds group which therefore remains in the private sector. Barclays, Lloyds Banking Group, HSBC etc. Dominate the retail and commercial banking markets.

Standard Chartered is the 5th major United Kingdom-based bank operating essentially across Asia and Africa.