Ed Miliband to call for 'Big Five' banks to sell branches

The five biggest banks in the UK dominate the domestic market, with an 87% market share between them in 2012, according to Mintel data reported in the Financial Times.

In a speech this Friday, Ed Miliband is expected to call for them to sell off some branches to increase competition in the industry.

The 'Big Five' and their subsidiaries:

  • HSBC - includes First Direct, M&S bank
  • Barclays - includes Woolwich
  • RBS - includes NatWest and Ulster Bank
  • Lloyds - includes Halifax, Bank of Scotland, HBOS, TSB
  • Santander - includes Abbey, Bradford & Bingley, Alliance and Leicester

Read: Umunna: Need more competition in banking sector

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Miliband to call for limit on banks' market share

The Labour leader Ed Miliband is to propose a cap on the share of the market for high street banks. Under the move, the party could force some of the "big five" banks to sell more branches to smaller firms.