Mutuals have 18 months before big banks return, says Deloitte
BIG banks aggressively re-entering the UK retail banking market may not be the only challenge facing building societies, said Deloitte.
The last four years have seen a number of new entrants attracted by the opportunities in the market.
These include Aldermore, Metro Bank, Shawbrook, M&S Bank, Silicon Valley Bank, Cambridge & Counties Bank, and peer-to-peer lenders such as Ratesetter.com, Funding Circle and Bank on Dave. Walton & Co, Home & Savings Bank and Tesco are expected to enter the fray soon.