Big Four (banking)
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Big Four is the colloquial name for the four main banks in several countries, where the banking industry is dominated by just four institutions and where the phrase has gained currency.
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[edit] Australia
In Australia, the "Big Four" refers to the four largest banks [1] by market share, who between them hold 85% of the home loan markets [2] in the country. These are:
- National Australia Bank
- Commonwealth Bank (government owned until 1996)
- Westpac
- Australia and New Zealand Banking Group
The government policy until 2011 was to maintain this status quo, it was called the four pillars policy. But since the acquisition of St George Bank by Westpac and BankWest by CBA during the Global Recession of 2008-9, the Federal Government is trying to set up a 5th pillar of banking with Credit Unions.
[edit] Brazil
[edit] China
During the 1920s the term “Big Four” applied to the Four Northern Banks of the Republic of China (i.e. the four most capitalized commercial banks in Northern China).[3] These were the Yien Yieh Commercial Bank, the Kincheng Banking Corporation, the Continental Bank and the China & South Sea Bank. These were contrasted with the Three Southern Banks of Southern China.
By 1949 the Big Four were the Bank of China, the Bank of Communications, the Central Bank of China and the Farmers Bank of China.[citation needed]
Currently, in the People's Republic of China, the Big Four banks ("四大商业银行") are:
- Bank of China
- China Construction Bank
- Industrial and Commercial Bank of China
- Agricultural Bank of China
and have been described as such in the western press.[4]
[edit] India
In India, "Big Four" refers to the four largest banks of the country. They are:
[edit] Ireland
In Ireland the term "big four" applies to the four largest banks by market capitalisation.[5][6]. These all operate in both the Republic of Ireland and Northern Ireland, and have a wider international presence[7].
- Bank of Ireland
- Ulster Bank
- Allied Irish Banks - operates as First Trust Bank in Northern Ireland[8]
- National Irish Bank - Northern Bank in Northern Ireland[9]
[edit] South Africa
In South Africa, the big four are, according to this site:
- FirstRand Bank (operators of First National Bank)
- Absa Group (owned by Barclays)
- Standard Bank
- Nedbank (owned by Old Mutual)
[edit] Sweden
[edit] United Kingdom
In relation to the United Kingdom, the phrase "Big Four banks" is currently used to refer to the four largest UK-based banking groups, being:
- Barclays PLC;
- HSBC Holdings plc;
- Lloyds Banking Group plc; and
- The Royal Bank of Scotland Group plc.[10][11]
During most of the 20th century, the phrase "Big Four banks" referred to the four largest UK clearing banks (institutions which act as clearing houses for bankers cheques), which were:
- Barclays Bank (part of Barclays PLC);
- Midland Bank (now HSBC Bank plc and part of HSBC Holdings plc);
- Lloyds Bank (now Lloyds TSB Bank Plc, itself now part of Lloyds Banking Group plc); and
- National Westminster Bank ("NatWest") (now part of The Royal Bank of Scotland Group plc).[12]
[edit] United States
In the United States, the "big four" banks hold 39% of all U.S. customer deposits (as of 2009), and consist of:[13][14][15][16][17][18][19]
- Bank of America
- Citigroup, through its Citibank subsidiary
- JPMorgan Chase, through its Chase subsidiary
- Wells Fargo
By a retail banking perspective, U.S. Bancorp and PNC Financial Services both have more branches than Citibank, the retail banking arm of Citigroup. However, Citibank still has significantly more assets than U.S. Bancorp and PNC.[20]
[edit] See also
- Big Five (banks), Canada
[edit] References
- ^ ABC news story
- ^ Dominance of the Big Four Banks in Australia Since the Onset of the Financial Crisis of 2007 ezinarticle.com
- ^ Four Northern Banks
- ^ article at ibttimes.com
- ^ "Anglo Irish Bank Corporation (Executive Summary)". SME Financial. http://wp.sme.ie/ireland-2/leadership-and-integrity/anglo-irish-bank-corporation-executive-summary/. Retrieved 2012-01-17 "...The only banks with higher market capitalisation were Allied Irish Banks (AIB) and Bank of Ireland, both with strong retail and commercial presences. Ulster Bank and National Irish Bank are the other members of the ‘Big Four’ retail and commercial banks, both owned by overseas parents and not listed on the Irish Stock Exchange".
- ^ "'Big Four' Northern banks face probe on pricing and competition claims". Irish Independent. http://www.independent.ie/business/irish/big-four-northern-banks-face-probe-on-pricing-and-competition-claims-273782.html. Retrieved 2012-01-22.
- ^ "Cross-Border Personal Banking in Ireland". Centre for Cross-Border Studies. http://www.borderpeople.info/cross-border_banking_study_day_report.pdf. Retrieved 2012-01-22.
- ^ "AIB's First Trust refunds £350,000 to customers over fee error". TheJournal.ie. http://businessetc.thejournal.ie/aibs-first-trust-refunds-350000-to-customers-over-fee-error-292190-Nov2011//. Retrieved 2012-01-17.
- ^ "Northern Bank to close four branches". BBC News. 16 January 2012. http://www.bbc.co.uk/news/uk-northern-ireland-16573880. Retrieved 17 January 2012.
- ^ "UK banks prepare for inevitable shake-up - sources". Reuters. 1 September 2011. http://www.reuters.com/article/2011/09/01/britain-banks-idUSL5E7K111Q20110901. Retrieved 17 September 2011.
- ^ "UK to prioritise taxpayers as bank shake-up looms". Reuters. 10 April 2011. http://www.reuters.com/article/2011/04/10/britain-banks-alexander-idUSWLA767320110410. Retrieved 17 September 2011.
- ^ The Big Four by D Rogers
- ^ Tully, Shawn (February 27, 2009). "Will the banks survive?". Fortune Magazine/CNN Money. http://money.cnn.com/2009/02/27/news/economy/tully_banks.fortune/index.htm?source=yahoo_quote. Retrieved 17 December 2009.
- ^ "Citigroup posts 4th straight loss; Merrill loss widens". The Associated Press. 2008-10-16. http://www.usatoday.com/money/companies/earnings/2008-10-16-citigroup_N.htm. Retrieved 17 December 2009.
- ^ Winkler, Rolfe (August 21, 2009). "Big banks still hold regulators hostage". Reuters, via Forbes.com. http://www.forbes.com/feeds/afx/2009/08/21/afx6803343.html. Retrieved 17 December 2009.
- ^ Temple, James; The Associated Press (November 18, 2008). "Bay Area job losses likely in Citigroup layoffs". The San Francisco Chronicle. http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/17/BURD146AIA.DTL. Retrieved 17 December 2009.
- ^ SFgate.com
- ^ Dash, Eric (August 23, 2007). "4 Major Banks Tap Fed for Financing". The New York Times. http://www.nytimes.com/2007/08/23/business/23discount.html. Retrieved 17 December 2009.
- ^ Pender, Kathleen (November 25, 2008). "Citigroup gets a monetary lifeline from feds". The San Francisco Chronicle. http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/24/BUST14B71M.DTL. Retrieved 17 December 2009.
- ^ http://pittsburgh.cbslocal.com/2011/06/20/pnc-to-acquire-rbcs-united-states-unit/
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