Overseas banks

The overseas banks represent the largest group of banks within the UK Finan­cial system, totalling around 350. Their dominance in numbers is matched by their assets, totalling almost £ 100bn, (about 10 times the size of the British wholesale banks) as at 30 April 2000. They have exhibited very rapid growth since the early 1970s, in terms of both assets and numbers.

The overseas banks came to London originally to meet the business require­ments of firms in their own countries. While they still perform that function. they are now important participants within the eurocurrency markets, and as such facilitate tlie taking-up of deposits from a wide range of sources and the financing of a wide range of different projects, with their activities no longer particularly related to their home countries. London's status as the major centre of eurocurrency market activity has facilitated this develop­ment and made it necessary for a bank of any size, wherever it is based in the world, to have a London office.

In addition to these wholesale banking activities, many overseas banks have moved into other areas of activity. This has in some cases included retail financial services, and in other cases has, as a consequence of the deregula­tion of the capital markets, included market-making and stockbroking activities. Some of the overseas banks have become major investment banks.

Дата добавления: 2015-07-20