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Top 10 Largest Banks in Europe

What are the largest banks in Europe, and how do they influence the global financial landscape? As the backbone of the continent’s economy, these financial giants play a crucial role in driving growth and stability. In 2023, the top banks by assets include HSBC Holdings, BNP Paribas, and Deutsche Bank, collectively managing trillions in assets and serving millions of clients worldwide. These institutions not only provide essential banking services but also lead in investment banking and wealth management. Their extensive global networks and innovative solutions position them as key players in the ever-evolving world of finance. Here is the list of the largest banks in Europe.

Which Are the Largest Banks in Europe By Assets?

  1. HSBC Holdings
  2. BNP Paribas
  3. Crédit Agricole
  4. Banco Santander
  5. Barclays
  6. Société Générale
  7. UBS Group
  8. Groupe BPCE
  9. Deutsche Bank AG
  10. Crédit Mutuel

1) HSBC Holdings

With its astounding $2,919.84 billion in assets, HSBC Holdings, one of the world’s biggest banking and financial services companies, is a powerful influence in Europe. HSBC was first established in 1865 to facilitate trade between Europe and Asia in Hong Kong and Shanghai. Its current global reach extends to more than 60 countries, and its extensive service portfolio serves over 40 million clients.

HSBC, a major leader in corporate banking, wealth management, and retail banking, has its headquarters in London. It has been at the forefront of digital banking, making significant investments in technology to enhance client satisfaction and optimize services. Also, the bank has committed to sustainability, saying it will reach net-zero emissions by 2050. 

In 2023, HSBC posted revenues of over $55 billion, with profits reaching $21.7 billion, cementing its position among the top financial institutions globally. It employs more than 220,000 people, reflecting its massive scale and reach. Despite facing challenges such as regulatory scrutiny and geopolitical tensions, HSBC remains a stable and reliable institution, continuing to drive growth in the global banking landscape.

2) BNP Paribas

With its astounding $2,867.44 billion in assets, BNP Paribas, with its headquarters located in Paris, is among the biggest banks in both Europe and the world. Established in 2000 through the merger of Banque Nationale de Paris (BNP) and Paribas, this banking giant has evolved into a global leader in financial services, operating in 65 countries with over 190,000 workers.

Serving millions of customers globally, the bank offers a broad range of services, including asset management, wealth management, retail banking, and investment banking. BNP Paribas has a significant clientele in Europe, the Americas, and Asia-Pacific, and is well-known for its robust presence in both European and global markets.

In recent years, BNP Paribas has focused heavily on sustainability and innovation, committing to a responsible investment policy and aiming to align its activities with the Paris Agreement. In 2023, the bank reported revenues of $53.5 billion and net income of $10.6 billion, reflecting its solid financial performance.

With a history spanning over two centuries and a reputation for financial stability, BNP Paribas continues to be a key player in the European banking sector, contributing to the global financial system with its broad range of services.

3) Crédit Agricole

Having $2,736.95 billion in assets, Crédit Agricole is one of the biggest banks in Europe and a major force in world banking. Originally established as a cooperative bank in 1894 to aid France’s agricultural industry, Crédit Agricole has developed into a globally recognized financial organization with millions of clients. 

With its main office in Montrouge, France, Crédit Agricole has operations in over 47 nations and provides a variety of services, including corporate banking, asset management, insurance, and retail banking. With over 39 regional banks and a strong local focus, the bank is well known for its cooperative structure, which gives it a unique approach to customer service. Its current organizational structure has helped it grow its worldwide reach while preserving strong relationships with local towns and rural communities.

In 2023, Crédit Agricole generated revenues of over $40 billion and reported a net income of $6.2 billion. The bank is also committed to sustainability, focusing on green finance initiatives and supporting projects that address environmental challenges. With a workforce of more than 140,000 employees, Crédit Agricole continues to thrive as a reliable and stable financial institution, blending its traditional cooperative values with modern banking innovation.

4) Banco Santander

With $1,986.36 billion in assets, Banco Santander is one of the biggest banks in Europe and a significant player in the worldwide financial sector. Since its founding in Santander, Spain in 1857, the bank has expanded rapidly, becoming a global player with operations in over 40 nations in Europe, the Americas, and Asia. It offers a wide range of banking services, including wealth management, corporate banking, and retail banking, to more than 160 million clients.

Banco Santander, which has its headquarters in Madrid, was a leader in digital banking and has made significant investments in technology to boost productivity and improve client experiences. It’s one of the biggest retail banks globally, with a strong network of more than 11,000 locations. In 2023, the bank posted revenues exceeding $54 billion, with net profits of around $11.5 billion, highlighting its strong financial performance.

Santander is also committed to sustainability and social responsibility, with significant investments in green energy and financial inclusion initiatives. Employing more than 200,000 people globally, the bank continues to drive growth and innovation, solidifying its position as a trusted name in global banking while maintaining a deep connection to its Spanish roots.

5) Barclays

Barclays, with assets reaching $1,891.72 billion, is one of Europe’s largest and most powerful banks. It was founded in London in 1690 and has a long history. Over the years, it has grown to become a major provider of financial services worldwide, providing a variety of services like corporate banking, investment banking, retail banking, and wealth management. 

Barclays services millions of customers worldwide, including people, companies, and institutions. It is present in more than 40 countries. Its distinctiveness comes from its robust presence in investment banking, where its Barclays Capital subsidiary leads in trading, global markets, and consulting services. Notable has also been the bank’s digital transformation, as it keeps investing in fintech and improving its online and mobile banking services.

In 2023, Barclays reported revenues of $34.6 billion and a net income of $6.1 billion, underscoring its financial stability. With over 83,000 employees, Barclays is also committed to sustainability, with plans to achieve net-zero carbon emissions by 2050.

Barclays’ long history, innovation in digital services, and leadership in investment banking make it a key player in the global financial landscape, maintaining its status as a trusted institution in Europe and beyond.

6)Société Générale

With $1,717.49 billion in assets, Société Générale is a significant player in the European banking industry and a well-known international financial organization. Since its founding in Paris in 1864, the bank has expanded to become a diverse financial services organization with operations in 66 countries, including investment banking, retail banking, asset management, and insurance services.

With its main office located in Paris, Société Générale provides services to more than 26 million clients globally, mostly in Europe, Africa, and the Middle East. The bank is well-known for its leadership in global markets, corporate finance, and investment banking, with a focus on equity derivatives. It has also been a leader in adopting fintech and digital banking technologies, utilizing state-of-the-art technology to improve the customer experience.

In 2023, Société Générale posted revenues of $28.5 billion and a net income of $4.5 billion, reflecting its solid financial performance. The bank is also focused on sustainability, committing to align its financing activities with the goals of the Paris Agreement by supporting projects in renewable energy and other green initiatives.

With over 117,000 employees, Société Générale remains a key player in global finance, combining its long-standing heritage with a forward-looking approach to banking and innovation.

7) UBS Group

With $1,717.25 billion in assets, UBS Group is a well-known international banking company with its headquarters located in Zurich, Switzerland. UBS was established in 1862 and has grown to be a major force in the banking industry. It is especially well-known for its wealth management, investment banking, and asset management offerings. The bank serves a wide range of customers, including businesses, institutional investors, and high-net-worth individuals, and it operates in more than 50 countries.

With around $4.2 trillion in assets under management as of 2023, UBS is the largest wealth manager in the world, putting it in a position to advise and manage the portfolios of the wealthy. The bank’s investment banking division is highly acclaimed for its proficiency in capital markets, securities trading, and mergers and acquisitions. 

In 2023, UBS generated revenues of $37 billion and reported a net profit of $7.6 billion, reflecting its robust financial health. The group has been proactive in its commitment to sustainability, aiming to achieve net-zero greenhouse gas emissions in its operations by 2050. 

With over 72,000 employees globally, UBS Group combines Swiss reliability with global reach, continuing to be a trusted name in the world of finance, driven by its client-focused approach and commitment to innovation.

8) Groupe BPCE

Groupe BPCE, with assets of $1,706.8 billion, is one of Europe’s major banking groups, based in Paris. Formed in 2009 through the merging of Banque Populaire and Caisse d’Epargne, BPCE operates as a cooperative banking organization, servicing over 30 million clients across retail banking, insurance, and corporate finance sectors.

With its dual cooperative structure, BPCE focuses on community-driven financial services while growing its presence in foreign markets. With more than 8,000 branches, it is well-represented in France and is active in more than 40 other countries. The bank, notably through its subsidiaries Natixis and Banque Populaire, is highly renowned for its proficiency in asset management and retail banking.

In 2023, BPCE reported revenues of $32.4 billion and a net profit of $5.9 billion, demonstrating its stable financial standing. The group is also heavily focused on sustainability, investing in renewable energy projects and aiming for carbon neutrality in its operations by 2040.

Employing more than 100,000 people, Groupe BPCE combines cooperative values with innovative financial solutions, remaining a prominent force in Europe’s banking landscape with a customer-first approach and strong regional ties.

9) Deutsche Bank AG

Deutsche Bank AG is the biggest bank in Germany and one of the most well-known financial organizations in Europe, with $1,450.57 billion in assets. Deutsche Bank was first founded in Berlin in 1870 to ease trade between Germany and other markets. It grew over time into a major player in the world banking industry, providing wealth management, asset management, retail banking, and investment banking services.

With its main office in Frankfurt, Deutsche Bank has operations in over 58 nations and caters to a diverse clientele that includes individuals, businesses, and governmental entities. With a focus on capital markets, trade services, and corporate finance, its investment banking branch is very robust. Global mergers and acquisitions as well as significant infrastructure projects have been significantly financed by Deutsche Bank.

In 2023, Deutsche Bank reported revenues of $32.2 billion and a net profit of $4.4 billion, showcasing its return to profitability after years of restructuring. The bank has been focusing on improving its operations and reducing costs while enhancing digital capabilities.

With over 82,000 employees, Deutsche Bank is also committed to sustainability, aiming to direct over €200 billion towards sustainable finance by 2025. As one of Europe’s key financial institutions, Deutsche Bank continues to play a vital role in the global banking industry.

10) Crédit Mutuel

With $1,262.95 billion in assets, Crédit Mutuel is one of the biggest cooperative banks in France and a major participant in the European financial market. Since its founding in 1882, the bank has adhered to its cooperative principles by concentrating on providing services to local communities, small enterprises, and individuals. Crédit Mutuel, which has its headquarters in Strasbourg, runs its business through a network of more than 5,000 branches throughout France and other European nations.

The cooperative structure of Crédit Mutuel, in which clients are also shareholders and can influence the bank’s choices, is what makes the institution unique. The bank has established a reputation for stability and devoted clientele because of its community-driven strategy. Through its subsidiary, CIC, the bank provides a variety of services, such as retail banking, insurance, asset management, and telecommunications.

In 2023, Crédit Mutuel reported revenues of $23.8 billion and a net profit of $4.3 billion, reflecting its strong financial performance. The bank is also known for its commitment to innovation, investing heavily in digital banking solutions and enhancing customer experience with cutting-edge technology.

With over 83,000 employees, Crédit Mutuel continues to thrive as a reliable and innovative financial institution, combining its cooperative values with a modern, forward-thinking approach to banking and finance.

No.Name of BankTotal Assets in Billion USD
1HSBC Holdings2,919.84
2BNP Paribas2,867.44
3Crédit Agricole2,736.95
4Banco Santander1,986.36
5Barclays1,891.72
6Société Générale1,717.49
7UBS Group1,717.25
8Groupe BPCE1,706.80
9Deutsche Bank AG1,450.57
10Crédit Mutuel1,262.95

Conclusion

How do the largest banks in Europe shape the future of finance? With assets in the trillions, institutions like UBS, Crédit Agricole, and Banco Santander significantly influence both local and global economies. In 2023, these banks reported robust revenues and net profits, showcasing their resilience and adaptability in a changing market. Their commitment to sustainability and digital transformation demonstrates a proactive approach to modern banking challenges. As they navigate regulatory environments and technological advancements, these financial powerhouses will continue to be essential players in the global banking sector, driving innovation and fostering economic growth across Europe and beyond.

FAQs

What Is the Biggest Bank in Europe?

As of 2023, HSBC Holdings is the largest bank in Europe, with total assets of approximately $2,919.84 billion. Headquartered in London, it offers a wide range of financial services across various markets globally. HSBC’s extensive network allows it to cater to millions of customers in over 60 countries.

Which Is the Best Bank in Europe?

HSBC Holdings is often considered the best bank in Europe due to its extensive global presence and comprehensive range of financial services. HSBC is renowned for its customer service, innovative banking solutions, and commitment to sustainability. The bank’s strong financial performance and adaptability to market changes further solidify its reputation as a leading financial institution in Europe.

Which EU Country Is Best to Bank In?

Germany is often regarded as the best country in the EU for banking, known for its robust financial system and stability. German banks, like Deutsche Bank and Commerzbank, offer a wide range of financial services and have a strong regulatory framework.

Oleksandra Mamchii

Working as a academic lead at Best Diplomats.

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