Number of banks operating in the UK 2024, by country of origin

The United Kingdom's banking landscape is diverse, with 328 Monetary Financial Institutions operating in the country as of June 2024. Of these, 117 were UK-headquartered banks, while the remaining institutions had origins in other European Union countries, developed nations, America, and Japan. This mix of domestic and international banks underscores the UK's position as a global financial hub. In fact, London was the second most attractive global financial center in 2024, outranked only by New York. 

HSBC dominates the UK banking sector

Among the largest banks in the UK, HSBC Holdings stands out as a financial powerhouse. In 2023, HSBC reported the highest annual revenue of 51.92 billion British pounds, significantly outpacing its closest competitor, Barclays PLC, which reported a revenue of 25.38 billion pounds. HSBC's dominance extends beyond revenue, as it also holds the largest market capitalization on the London Stock Exchange, nearly triple that of the second-largest bank, Santander S.A. Furthermore, HSBC leads in risk-weighted assets, with over 670 billion pounds, indicating its substantial market presence and risk exposure. 

Digital banks in the UK

The UK is also a major hub for digital banking in Europe, with several leading digital banks in Europe headquartered in the country. Revolut, in particular, has emerged as a standout player. Revolut's net profits skyrocketed in 2023, highlighting its strong market position and continued expansion. Wise and Monzo also contribute significantly to the UK's digital banking landscape, offering innovative financial services that cater to a rapidly growing customer base.