Shawbrook Bank CEO Ian Henderson: Big bank dominance unhealthy for UK financial system

Ian Henderson.
Ian Henderson.

The chief executive of Shawbrook Bank, one of the UK’s fastest growing challenger firms, decried the British high street banking industry’s “merry-go-round” of five dominant giants, as consumers and firms desperately try to access finance in a struggling economy.

Speaking to IBTimes UK exclusively, Shawbrook boss Ian Henderson said that incumbent banks are actually sullying Britain’s financial system.

“I think having 85% of the banking market tied up in five institutions probably isn’t that healthy from a competition perspective,” said Henderson.

“In some respects it’s a merry-go-round between the big five and there’s no doubt that market research points to the fact that a lot of consumers – whether they be small businesses, big businesses, or retail clients – think one bank is the same as the other, and that’s a natural consequence of that big five domination.”

From my interview with Shawbrook’s Ian Henderson.

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