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UK banks' share of corporate currency business dips

Thursday, Jan 12 2017
UK banks' share of corporate currency business dips

The share of Britain's biggest banks in the market supplying UK companies' daily foreign currency needs fell for a second year running in 2016 as firms made more use of new trading platforms and brokers, an industry report showed on Wednesday. Banking researchers East and Partners surveyed more than 2,000 small, medium and large British firms and found falls in both the volume of business done with banks and the number of companies using them as a primary provider.

Barclays, HSBC and Lloyds remained the top three providers of currencies to companies, but all lost market share, to 14.3 percent, 13.5 percent and 10.6 percent respectively. Most other banks also saw declines. The only mainstream lenders gaining share were ING, Bank of America Merrill Lynch and Bank of China.

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