By The largest banks in Europe can be seen from their net profit or total asset ownership across all registered banks in the region. Europe is an area with many developed countries, and naturally, there are various largest banks on this continent.
The development of banking in each country, it can support economic growth to become more advanced and have a significant influence on the country.
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It is not surprising that businesses in the financial industry always experience growth, even though they may have setbacks before, they can still rise again.
Largest Banks in Europe
1. HSBC
The Hongkong and Shanghai Banking Corporation is one of the largest banks in Europe, with its profits experiencing a significant increase of nearly 80% in 2023, reporting a profit of $30.3 billion US dollars, equivalent to £24 billion pounds sterling.
This bank’s profit surge was particularly driven by high-interest rates and policies issued by central banks globally.
Moreover, the primary factor is the continuously increasing net interest margin, which is the difference between the amount charged to borrowers and the amount paid on deposits.
This has been a major driver of both profit and revenue growth. However, the high interest rate policy is predicted to end soon, leaving the bank with new challenges in maximizing revenue.
2. BNP Paribas
BNP Paribas is one of the largest banks in Europe as the parent company of a universal bank and multinational financial services headquartered in Paris, France. It was established in 2000 through the merger of two renowned financial institutions in France, BNP and Paribas.
The bank has also gone through mergers with many other large institutions, including the Fortis Group in Belgium, Germany, Italy, Luxembourg, and Turkey.
Additionally, the group has a presence in the United States through its subsidiaries, Bank of the West until 2023 and First Hawaiian Bank until 2009.
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With 160,000 employees, the bank is divided into three main business areas: commercial and personal banking services, corporate and institutional banking services, and investment and protection services.
BNP Paribas is listed on Euronext in Paris and is a component of the Euro Stoxx 50 stock market index, the largest banking group in Europe, and the ninth-largest banking group in the world based on assets.
3. Credit Agricole
Credit Agricole is one of the largest banks in Europe and is often known as La Banque Verte because of its historical connection to agriculture. It is an international banking group based in France and is the largest cooperative financial institution in the world. This bank ranks third in Europe and tenth globally.
The bank went public through Credit Agricole S.A on the first Euronext Paris market and became one of the components of the CAC 40 stock market index, topping it in August 2021.
Even local banks that hold the majority of shares in regional banks, and regional banks that hold the majority of shares in Credit Agricole S.A through its parent company, have been considered systemically important banks by the Financial Stability Board.
4. Banco Santander
Banco Santander is one of the largest banks in Europe, a Spanish multinational financial services company based in Madrid and Santander, Spain.
It has maintained its presence in all global financial centers as the largest banking institution, ranking 19th globally.
While it is more known for its banking operations in Europe, the bank has expanded its operations to South and North America and most recently to Asia, which has been recognized as a systemically important bank by the Financial Stability Board.
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The bank has numerous subsidiaries, such as Abbey National, which has been renamed Santander.
This subsidiary is a component of the Euro Stoxx 50 stock market index. In 2023, the bank ranked 49th on the Forbes Global 2000 list of the world’s largest public companies and is the largest bank in Spain.
5. Barclays PLC
Barclays is a multinational universal bank headquartered in London, England, with two divisions: Barclays International and Barclays UK, supported by Barclays Execution Services.
The bank traces its origins to a goldsmith banking business established in the city of London in 1690, with James Barclay as a business partner in 1736.
In 1896, 12 banks in London and provincial England merged to form a joint-stock bank called Barclays and Co, which over the next few decades developed into a national-scale bank.
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In 1967, Barclays launched the world’s first cash ATM, which continued to evolve, and it made various acquisitions, including London, Province, and South Western Bank in 1918, British Linen Bank in 1919, Mercantile Credit in 1975, Woolwich in 2000, and Lehman Brothers’ operations in North America in 2008.
