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
More top news
The winner of X-Factor Ben Haenow has revealed how keen he is to have the Christmas number one.
The Ministry of Defence has announced that the first British reservists have set off for Sierra Leone to help tackle the Ebola outbreak.
Wintry sunshine for most of the country today but some showers expected in the northwest.