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.