Banks/Banking in United Kingdom
The outbreak of war and resulted in flourishing of banks and banks in United Kingdom namely, Barclays, National Provincial, Westminster, Midland and Lloyds were under the government control.
There was a decline, but the wealthy customers took action and introduced schemes of small savings. Banks in United Kingdom are recently very refined with their services and offer distinguished services with varying interest rates.
Banks and its subsidiaries
There are many banks in United Kingdom and their subsidiaries as well. Lloyds TSB shows revenue of £17.5bn in 2008 and its subsidiaries are Lloyds TSB, Intelligent Finance, HBOS, Birmingham Midshires and Cheltenham & Glocester.
HSBC with £99.9bn with subsidiaries HFC Bank and First Direct, Royal Bank of Scotland with £26.5bn with subsidiaries namely, Ulster Bank, National Westminster Bank, Direct Line, ABN AMRO, Adam and Company, RBS Greenwich Capital, Coutts & Co, Citizens Financial Group and Direct Line.
Barclays showed revenue in 2008 as £23.56bn and its subsidiaries are Goldfish Credit Card and Woolwich Building Society, while Santander Bank revenue in 2008 was £16.38bn and its subsidiaries were Abbey, Alliance & Leicester and Bradford. The other banks such as Standard Charter revenue in 2008 was £24.5bn and Co-operative Bank subsidiary is Smile.
Banking in United Kingdom is done with banks that belong to foreign firms such as Egg finance- Citigroup and Yorkshire Bank- National Bank of Australia. Nationalized Banks include the Mortgage arm of Bradford and Northern Rock.
The government owns stakes to 65% in Lloyd’s shares and 70% in Royal Bank of Scotland. Barclays also seemed to need government cash, yet managed the money privately. The monetary changes in the American and British institutions are examined in a framework dealing with the behavior and knowledge of central bankers as well as their interaction with politicians and economists. The central bankers have shown considerable continuity in influencing the incentives as well as their interest in maintaining the financial markets stability.
Central banks, one of the top banks in the United Kingdom and the United States initiated early during the financial revolution. Central bank exercises functions and controls all the banks. Banking in England is done with the absolute knowledge of central bankers and the government regulations.