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Definition: British Banking Association (BBA)
The British Banking Association is a United Kingdom based leading trade association for Banking and Financial Service sector. It represents the interest of more than 240 member organization and has a presence in over 180 countries across the world.
BBA was formed in 1919 and later in the year 1972 it was reconstituted to accept the entry of foreign banks.
The banking members of BBA constitutes the largest international banking cluster of consumers and businessmen. BBA promotes growth and necessary legislative and regulatory framework for the Banking and Financial Service Industry in United Kingdom, Europe and worldwide. Its member banks comprise of retail banks, wholesale institutions and private banks as well.
Some of the well-known products and services of BBA are:
• BBA LIBOR- this is the primary benchmark for short-term interest rates and signifies the average rate at which a leading bank can borrow unsecured loan from any bank.
• GOLD - Global Operational Loss Database is maintained for the members and is a benchmark tool for governing operational risk.
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