We talk a lot about challenger banks. These are the new banks that will create competition against the incumbents. The names thrown around include Metro Bank, Virgin Money, Tesco Bank, Aldemore, Shawnbrook and more. Although none of these have gained significant market share yet, the hope is they will against the Big Four: Barclays, HSBC, RBS/NatWest and Lloyds. In fact, in this context, the biggest competitor is Santander who now have as many branches as HSBC in the UK.
Meanwhile, a name that isn’t thrown around so much is Harrods Bank.