This is a list of banks operating in the United Kingdom. Central bank The Bank of England is the central bank of the United Kingdom. The Big Four British banking has been highly consolidated since the early 20th century. Unlike some other major economies, the UK does not have a major stratum of independent local banks. The number of independent banks shrank further during 2008: Northern Rock was nationalised by the UK Government (and is now owned by Virgin Money), followed by Bradford & Bingley; Alliance & Leicester was acquired by Santander, who merged it into Santander UK. On 18 September 2008, Lloyds TSB plc entered into a confirmed agreement to take over HBOS plc, which took effect on 19 January 2009, when HBOS was acquired and folded into Lloyds Banking Group. The retail and commercial banking markets are dominated by HSBC, Barclays, Lloyds Banking Group, NatWest Group and Spanish-owned Santander UK (most of these companies operate more than one banking brand in the UK). Banks incorporated in the UK A full list of businesses considered banks by the Prudential Regulation Authority are listed in the table below. The list is based on the definition of 'bank' in the glossary of the PRA Handbook. There is also a government-run savings bank called National Savings and Investments. British retail banks These banks provide retail services to the general public. Retail banks are usually known as High street banks because they have multiple branch locations located in the commercial part of cities and towns across the UK. Four British retail banks have no physical branch presence, however. The retail and commercial banking markets are dominated by five big banks. HSBC, Barclays, Lloyds Banking Group, NatWest Group and Spanish-owned Santander UK who operate more than one banking brand in the UK. Retail banks owned by retailers There are a number of other retail banking businesses owned by retailers including: Post Office Money, the trading name used by Post Office Ltd for its branded financial products, most of which are provided by Bank of Ireland UK Sainsbury's Bank, owned by British supermarket company Sainsbury's. Tesco Bank, owned by British supermarket company Tesco. Harrods Bank was acquired by Tandem Money Limited on 11 January 2018 UK banking brands owned by foreign banks Allied Irish Bank (GB) and First Trust Bank, owned by AIB Group of the Republic of Ireland Al Rayan Bank, owned by Masraf