![]() ![]() The bank’s name, HSBC, comes from the name used when it was founded in Hong Kong, namely, Hong Kong and Shanghai Banking Corporation. read more, retail banking, wealth management, etc. Clients opting for this service are individually assigned a financial representative who personally takes care of their banking needs. It has a wide range of services from commercial banking, global banking, and global private banking Private Banking Private banking refers to a type of banking and financial service offered by certain banks only to high-net-worth individuals (HNWIs). 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. ![]() ![]() HSBC Holdings has been deemed the seventh-largest bank globally and the largest in Europe in holding total assets. Let us now look at some of the history and current status of the top banks in the UK. This handful of banks has a monopoly on services to these enterprises. The top five largest banks are HSBC Holdings, Lloyds Banking Group, Royal Bank of Scotland Group, Barclays, and Standard Chartered. A few large banks currently occupy a major share of the banking sector. The banks in the UK have gone through a major transition over the past decade. List of 10 Top Banks in the United Kingdom (UK) This pooled contribution from the pension plan is invested conservatively in government securities, blue-chip stocks, and investment-grade bonds to ensure that it generates sufficient returns. read more, and pension funds Pension Funds A pension fund refers to any plan or scheme set up by an employer which generates regular income for employees after their retirement. The value of the amount of money invested in an investment trust is dependent by the demand and supply for the invested share or financial asset, as well as the underlying value of the assets owned. Banks in the United Kingdom services are provided on behalf of the high street banks, investment trusts Investment Trusts An investment trust is a publicly traded financial institution that operates as a closed-end fund (CEF) and invests in shares or financial assets on behalf of its investors or other organizations. In addition, these institutes provide these investment banking services to invest in other companies and bond stocks. read more to customers, from individual corporations to governments. Investment Banking – Financial institutions offer investment banking services Investment Banking Services Investment banking is a specialized banking stream that facilitates the business entities, government and other organizations in generating capital through debts and equity, reorganization, mergers and acquisition, etc.Hence, these are provided as additional services and for a certain fee. These services are provided in addition to what an ordinary account can offer. read more are those which High Street Banks offer. Business Banking – Business banking services Business Banking Services Business banking refers to a bank or financial institution that focuses solely on businesses and corporate clients, offering products such as business loans, asset management, and electronic fund transfers that are tailored to their specific needs.A major characteristic of high street banks is that they are widespread and located in any commercial sector of towns and cities. Instead of targeting a specific market or type of customer, they service a wide range of customers. These banks provide retail services they mostly serve the general public. High Street Banks – High street banks are like retail banks with multiple branch locations.For example, policymakers manipulate money circulation for increasing employment, GDP, price stability by using tools such as interest rates, reserves, bonds, etc. The Bank of England is tasked with setting up and maintaining the country’s monetary policy Monetary Policy Monetary policy refers to the steps taken by a country’s central bank to control the money supply for economic stability. The Bank of England is the UK’s Central Bank and happens to be the world’s eighth oldest bank. Central Bank – In the UK, the Central Bank is the Bank of England or BoE. ![]() Listed below are the four major categories of banks in the UK: – Each type of bank caters to varying needs, from personal to business. There are different categories of banks in the UK. ![]()
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