UK Clearing Bank History
|EXIT | Banking | Barclays | Lloyds | Midland | Nat West | Woolwich ||
The foundations of today's banks can be traced back to the eighteenth century. Over the years, banks have merged to form ever larger companies who may be better placed to service the demands of a fast changing market. At the end of the 1960s, the 'big five' players were: Barclays, Lloyds, Midland, National Provincial and Westminster banks. The newly merged National Westminster reduced the list to just four by 1970. By the 1990s, Building Societies were joining forces with the clearing banks in order to offer an even wider range of services within their portfolios.
At the sign of the Black Horse.
National Westminster Bank
Woolwich Building Society
Banking mergers in the early part of the 21st century swept away many long-established Building Societies. The resulting mega-banks promised much improved customer service and more flexible tailored products. The banking crisis of 2008 left the industry with a very tarnished reputation. In 2015 branch closures and automation continues as the bulk of transactions move on-line. Lack of competition and poor regulation has allowed service charges for current accounts to become the norm.
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