PR for banking companies is very important as the number of banks in the UK continues to grow and expand. The issue is finding the right agency, as there are hundreds of PR companies around the UK. We always advise using agencies that know about PR for banking companies.
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The UK banking industry has been up and down since the beginning of the financial crisis in 2007. The industry is recovering well and banks are starting to make money again.
The industry is also getting a lot of bad press due to the profits they are making yet not paying in taxes (due to using tax havens such as Jersey, Nassau, Lichtenstein, British Virgin Islands, City of London and many many others) leading to big profits but low taxes.
The industry covers quite a wide range of institutions:
The banking industry did get a lot of exposure through the effects of the financial crisis and through the book ‘Treasure Islands’ which looks into world finance and global offshore banking.
The UK (in particular the City of London) is at the centre of the global banking industry and has been for centuries going back nearly 1000 years.
Since the financial crisis many they have been using PR agencies for crisis PR, reacting to how the media is covering the sector. How the top staff are rewarded for their success/failure and how they use the money they look after.
PR for banking has been used ever since the financial crisis, and still is.
The financial industry is one that is very much a hot topic in the media currently and indeed is likely to be for some years to come as the world recovers from the financial crash.
Using a PR agency that has experience in doing PR for banking is key to ensuring that the press/media coverage they receive is the best possible.
98 of the FTSE 100 companies use tax havens, companies such as HSBC, Barclays, Lloyds Group, Prudential which has added to the financial melt down of the economy’s around the wold.
For this reason, financial institutions are looking for agencies that can help portray a positive spin for their tax evasion.
Financial institutions (such as HSBC, RBS, HBOS & Lloyds TSB) have been involved in loaning money to the defence sector. This has seen the growth in the arms trade (in particular the development of cluster bombs). More recently, Britain let Russia hide money in the banking system. The Bank of England lent Nazi Germany money during the First World War.
For this reason, PR for banking plays an important roll in this industry.