The UK is the sixth-largest economy in the world going by the GDP numbers and is one of the vibrant economies when it comes to industries and start-ups. The policies for doing business are conducive, the workforce is skilled, the regulatory approvals needed are less, and the taxation system is smooth and friendly.
All this also creates a need for money even more as businesses required constant financing for their working capital requirements and expansion plans.
Fortunately, for the start-ups and people who lost their jobs in the current pandemic, there are direct lenders online offering quick cash loans for unemployed people. These are unsecured loans approved without conducting a background check, thus not exacerbating your credit score.
For big corporations and businesses, there are umpteen financial institutions in the UK. The top 10 of them based on market capitalization are listed below:
Short for Hong Kong and Shanghai Banking Corporation headquartered in London, it is a diversified bank with a global presence. HSBC is listed on the London Stock Exchange and Hong Kong Stock Exchange. It has a market capitalization of £118 billion as of September 2020. It was started way back in 1865 and is now present in over 60 countries with operations in investment banking, commercial banking, and wealth management services.
Another veteran bank of the UK in the retail segment and commercial lending activities since 1695. It evolved from the erstwhile Bank of Scotland and has an active presence in Wales and England region. Lloyds Group also provides services in pensions, life insurance, and wealth management. They also have an international presence in the Middle East, the Euro region, Asia, and the US. Their market cap is £40 billion as of September this year.
This is a leading insurer in the UK in the life insurance space which was started way back in 1848. This behemoth group has diversified over the years and is now into asset management as well in the Asian region and investment business in Europe and the UK. It is listed on LSE and the prevailing market capitalization of £38 billion as of September 2020. They have tied-up with many local giants in many countries to offer their products and services.
Barclays hardly needs any introduction as it is renowned on the global level with clients across multiple geographies. Barclays is more into investment banking with other services in the wealth management and corporate banking domain. It was founded in 1690 and is the most influential bank in the world even today, let alone the UK. It is listed on LSE and has a market cap of £31 billion as of September this year.
Founded in 1801 in London, this is the most active stock exchanges of the country. It also operates the Borsa Italiana, Italy’s stock exchange. The holding company of LSE which is London Stock Exchange Group is listed on LSE itself and has a market cap of £28.7 billion as of September 2020. This financial information company is a diversified unit with collaborations in many countries.
Another renowned bank in the global arena, RBS is into retail and wholesale operations apart from being an insurance holding company. It was started way back in early 1707 in Scotland. It now has operations in multiple countries in the likes of Asia, Europe, and North America. It also offers services in the corporate finance domain apart from banking and insurance services. It is listed on LSE and has a market cap of £27 billion as of September 2020.
This is next in the hierarchy with a market capitalization of £20.3 billion as of this September. Standard Chartered traced its origins back to 1969 when it was started in London. It currently has over 1200 branches operating in over 70 countries of the world. Standard Chartered Bank is renowned in their top-notch services in corporate and institutional banking and treasury services.
Legal and General is a big name in the life insurance space owing to their customer services and product portfolio. They cater to a diverse range of audience with their innovative tailor-made investment products. They are a stalwart in pension, annuity, mortgages, and life insurance. They started in 1836 and predominantly operated in the UK and the US. The market cap of this insurance stalwart as of September this year is £18.5 billion.
Another major player in the insurance industry which needs no introduction. Yes, we are talking about Aviva Plc. which is a multi-national insurer behemoth with operations in over 16 countries in the likes of the UK, the US, and in countries of Europe, Asia and North America region. Aviva is also a pension provider apart from being the largest player in the general insurance industry.
Finally, a non-banking and non-insurance financial company has made it to the Top 10 list. 3i is a large group in the investment management industry. They are a private equity firm which pumps venture capital and invests in private equity of several companies from several sectors. 3i has invested in multiple companies, and some of their notable ventures are ACR Capital, Audley, Scandlines, Weener Plastic Packaging, Q Holding Co., to name a few. They are listed on LSE and has a market capitalization of £11.1 billion.
Thus, seeking financial assistance from these prominent financial institutions has significant as always. Don’t forget you have another backup too of the private lenders particularly those offering doorstep cash loans on the personalised norms.
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