Banks are the most important organizations as they involve everyday transaction of millions of pounds. Starting from savings account for customers to loans to corporates, banks play an important role in the progress of economy. The ranking of the top 10 banks in UK in 2014 is based on their Total Assets figures in the last financial year. The rationale behind considering Total Assets rather than taking Total Profit is that Profit doesn’t truly show the financial condition of a bank. Banks do daily transactions and the total assets actually show the amount a bank has for transaction purposes.
10. Co-operative Bank
Founded in 1872, Co-operative bank is a retail and commercial bank which is into financial services. It is headquartered in Manchester, UK. It provides various products to the customers such as retail banking, commercial banking, and independent financial advice. In personal banking, it provides Current Accounts, Mortgages, Savings, Loans, and Credit Cards etc. In business banking, the products range from Community banking, deposit accounts to Lending, Merchant services, Business insurance. Commercial banking products include Treasury services and overseas services. It faced financial crisis in 2013 after it reported losses of around 600 million euros. The bank operates an ethical policy and has an ethical code of conduct. It has two different subsidiaries named Smile and Britannia. It is ranked tenth among banks in UK based on total assets value.