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Acquiring a bank

Acquiring a bank is complicated transaction. It involves all the processes of acquisition including receiving financial regulatory approvals.
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  • UNITED KINGDOM

    Inhabitants - 62,698,362 (July 2011)

    Language - English

    Currency - Pound sterling (GBP), floating exchange rate ~ 1.28 EUR

    Religion - Christian (Anglican, Roman Catholic, Presbyterian, Methodist) 71.6%, Muslim 2.7%, Hindu 1%, other 1.6%, unspecified or none 23.1%

    Politics - The United Kingdom is governed under the framework of a constitutional monarchy in which the Monarch is the head of state and the Prime Minister of the United Kingdom is the head of government. Executive power is exercised by Her Majesty's Government, on behalf of and by the consent of the Monarch, as well as by the devolved governments of Scotland and Wales, as well as the Northern Ireland Executive. 

  • Legislative power is vested in the two chambers of the Parliament of the United Kingdom, the House of Commons and the House of Lords, as well as in the Scottish parliament and Welsh and Northern Ireland assemblies. The judiciary is independent of the executive and the legislature. The highest national court is the Supreme Court of the United Kingdom.

    Major industries - banking and finance, steel, transport equipment, oil and gas, tourism, machine tools, electric equipment, automation equipment, railroad equipment, shipbuilding, aircraft, motor vehicles and parts, electronics and communications equipment, metals, chemicals, coal, petroleum, paper and paper products, food processing, textiles, clothing, and other consumer goods.

    Banks (2010) - 327 banks; 10,400 branches; 427,000 employees; assets – EUR 8,844 trillion; loans – EUR 3,557 trillion; deposits – EUR4,563 trillion.

    Banking regulations - The FSA is the banking regulator in the United Kingdom and currently undertakes prudential supervision of banks and also regulates their conduct of business. The authority of the FSA stems from the Financial Services and Markets Act 2000 (as amended) (the FSmA).

  • The Bank of England is not as such a banking regulator in the United Kingdom. Its role is currently largely confined to formulating and implementing monetary policy and maintaining monetary and financial stability in the United Kingdom. At the time of writing it is, however, clear that as part of a root-and-branch reform of the regulatory system, the Bank of England will assume substantial new regulatory responsibilities and powers in 2013.

    the FSA continues to encourage and provide support for new entrants into the world of financial services through the authorisation processes, with a view toward providing greater choice for consumers and greater competition amongst existing players. For entities planning to make a banking  application , especially if planned capital requirements are predicted to be under GBP 30 million, a pre-application discussion with the FSA is required. The minimum amount of own funds for a bank must be at least EUR 5 million.