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Banks
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Banking at the heart of the modern economy
The UK is the world's leading international financial services centre employing over 1 million people and with net overseas earnings of £31.2 billion in 2000 (5.1% of GDP). The City of London is one of world's three leading financial centres and the largest centre for many international financial markets.
The UK enjoys one of the most diverse and dynamic banking sectors in the world. It has the highest concentration of foreign banks in the world - 481 in 2000 (next nearest was the USA with 287). In 2000 London accounted for 19.1% of global cross-border bank lending, more than any other centre. Total assets of the UK banking system were £3,441 bn (August 2001) of which 55% belonged to foreign banks. A dozen or so retail banks, with national branch networks, dominate the assets of UK owned banks, totalling £1,336 bn mostly serving domestic, personal and corporate customers.
Banks operate on a huge scale at the heart of the modern economy. The scale is often hard to grasp. To give an illustration, in 1998, three UK banks each made more profit than the UK’s five major publicly traded supermarket companies added together. The top 10 banks together made 10 times the profit of all these supermarkets, and are, collectively, worth £200 billion. However, it is the banks’ control of the money transmission systems - cash, cheques, cards, electronic payments - that makes their innovation and efficiency crucial to the UK economy as it competes in an e-commerce world.
At TKP, we have over 250 seasoned professionals who have chosen to specialise in the Financial Services Sector. Financial Services is not like any other industry which is why our professionals work specifically in this industry. The industry is highly regulated, subject to intense media coverage, competitive margins, difficult legacy issues and fluctuating risk profiles and yet to survive it needs to stand out from the crowd.
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