Do Virgin Money and Tesco Bank 取引，協定s signal end of the road for the 初めの 挑戦者 banks?
- 全国的な 始める，決める to buy Virgin Money in 取引，協定 価値（がある） nearly £3bn
- It comes just weeks after Tesco agreed to be bought by Barclays?
- Could this 可能にする その上の activity in the 中央の-tier banking 部門?
全国的な's 取引，協定 to buy Virgin Money 示すs the second 取得／買収 of a 中央の-tier bank to be 提案するd in a 事柄 of weeks.
The planned sale of both Tesco Bank and Virgin Money?to larger 競争相手s is a 重要な 開発, not least because both started out as 挑戦者s to the big 貸す人s.
As the main high street banks shore up their position, and 数字表示式の banks like Monzo and Starling continue to innovate, these 挑戦者s are 直面するing a more uncertain 未来.
Acquisitive 貸す人s, low valuations and more 柔軟な neobanks could 提起する／ポーズをとる a 脅し to the 初めの wave of 挑戦者 banks - and could mean その上の consolidation 負かす／撃墜する the line.
全国的な 始める，決める to buy Virgin Money - could it be the start of a wave of dealmaking?
What's happened to the first wave of 挑戦者 banks?
In the 1990s a new 肉親，親類d of 挑戦者 bank 現れるd, hoping to 混乱に陥れる／中断させる the big four banks - Barclays, HSBC, Lloyds Banking Group and NatWest.
同様に as Virgin Money and Tesco Bank, these 含むd Metro Bank, TSB, Aldermore Bank and Sainsbury's Bank.?
Two １０年間s later, a new wave of app-based banks like Monzo and Starling （機の）カム on to the scene - and there was real hope that both 伝統的な and 数字表示式の 挑戦者s could 混乱に陥れる／中断させる the market と一緒に one another.?
But it hasn't やめる worked out in that way.?
Some of the 中央の-tier banks have already been bought by bigger banks. TSB was acquired by Spanish banking 巨大（な） Sabadell in 2015, and South Africa's FirstRand snapped up Aldermore two years later.
Metro Bank, which 開始する，打ち上げるd in 2010, has been 疫病／悩ますd with 問題／発行するs which 最高潮に達するd in an 緊急 cash 注射 last autumn. It has since 発表するd that it will axe 1,000 staff as part of an £80million cost-cutting 運動.?
Like Virgin, Tesco and Sainsbury's entered the market in the 90s, hoping to use their 存在するing 蓄える／店 網状組織 to 申し込む／申し出 banking 製品s.
But Tesco recently offloaded its banking 分割 to Barclays for £600 million, while Sainsbury's 計画（する）s to 身を引く from the banking market.
'The 利益（をあげる）s that they 想像するd 支援する then have never materialised,' says Alper Kara, professor of banking and 財政／金融 at Brunel University.
'One 推論する／理由 is that in the late 90s and 早期に 2000s the credit market was にわか景気ing, which has 劇的な changed as we 攻撃する，衝突する the 財政上の 危機 of 2007.?
'In the 地位，任命する-危機 period, the 資本／首都 必要物／必要条件s for banks' credit 危険 got much tougher, which made banking even more 資本／首都 集中的な and expensive.'
With even the 現職のs struggling to 伸び（る） ground as 利益／興味 率s reached historic lows, the likes of Tesco and Sainsbury's also 苦しむd.
Kara 追加するs: 'Other 中央の-tier banks are struggling to compete for the same 推論する／理由s. Virgin Money 欠如（する）d 規模. Metro Bank, running a very expensive 支店-based service, 苦しむs from high cost to income 割合s, denting its 利益（をあげる）s.'
> What will the Virgin Money sale mean for 顧客s??
Why did the 挑戦者s fail to 混乱に陥れる／中断させる banking?
The 挑戦者s 港／避難所't 配達するd on their 約束, and in 最近の months the big four banks have gone from strength to strength.
As 競争 for deposits grows, the challenging 経済的な 背景 has favoured the big banks and their big balance sheets.?
They can also better 吸収する the rising costs associated with anti-詐欺 and anti-money laundering 規則.
Kara says: 'At its 核心, the banking 商売／仕事 is about economies of 規模 and 要求するs large 資本／首都 （軍隊などの）展開，配備.?挑戦者 banks, which are not a uniform group, do not seem to have enough of either.'
Every little helps: Barclays is 始める，決める to buy Tesco's 小売 banking 商売／仕事 in a 取引，協定 価値（がある） £600m
The sheer size o f the 遺産／遺物 貸す人s means it is harder for small and 中央の-sized banks to 伸び（る） meaningful ground.
Ian Lance, 基金 経営者／支配人 of 寺 妨げる／法廷，弁護士業 投資 信用, which 持つ／拘留するs 株 in NatWest and Barclays says: 'The 適切な high regulatory oversight of the banking 部門 現在のs a challenge for new companies to take meaningful 株 from 現職の banks, perhaps 絶縁するing banking from the 脅し of obsolescence more than in some 部門s, where 競争 is fiercer and 障壁s to 入ること／参加（者） lower.
'Whilst 消費者s will frequently switch between broadband providers or 公共事業（料金）／有用性 companies, 研究 has 明らかにする／漏らすd that British 国民s rarely switch bank accounts, even if unhappy with the service received'
Big banks keen to snap up more 競争相手s
The other 障壁 for 挑戦者 banks is ますます acquisitive banks as they finally see their 逮捕する 利益／興味 利ざやs and 利益（をあげる）s rise again.
Laith Khalaf, 長，率いる of 投資 分析 at AJ Bell says: 'Bank valuations are 現在／一般に low which encourages acquisitive behaviour, because the 買い手 can 選ぶ up 資産s at a knock-負かす／撃墜する price.?
'With 利益／興味 率 利ざやs also likely to 落ちる as 通貨の 政策 is 強化するd, banks may also be looking for ways to 支える their 収入s in the medium 称する，呼ぶ／期間／用語, and buying a competitor at an attractive price is a short 削減（する） to 有機の growth.
'Healthy balance sheets also create the necessary 条件s for a cash splash. There is a 限界 to how far activity can go without raising the alarm at the CMA, however.'
Most banks are 貿易（する）ing at low valuations, and all 貿易（する） on 割引s to 有形の 調書をとる／予約する 容積／容量 - NatWest is on a price to 収入s 割合 of 5x and Barclays is on 4x - which means there is plenty of 範囲 for 取引-追跡（する）ing.
While 全国的な's 申し込む／申し出 for Virgin Money （機の）カム in at a 38 per cent 賞与金 on the 株 price when it was 発表するd, at 220p a 株, it 現実に 示すs a 割引 to Virgin's 有形の 調書をとる／予約する value of 360p a 株.
With high street banks' coffers 上げるd thanks to higher 率s, the 初めの 挑戦者s have an 上りの／困難な 戦う／戦い trying to 伸び（る） その上の ground.
They're also 直面するing a challenge from neobanks like Starling and Monzo in keeping pace with 数字表示式の 変形.
Kara says: 'Many 消費者s prefer to bank online using innovative 動きやすい apps. 数字表示式の 挑戦者s 設立する a space of their own in the banking market 経由で 科学技術の specialisation and, not having the 支店 網状組織s, operating at lower costs.'
These banks, which are often 支援するd by 投機・賭ける 資本／首都 基金s, also tend to be valued on growth rather than profitability which can 緩和する the 圧力 somewhat.
'For now they seem to be the ultimate 挑戦者s to mainstream banks,' 追加するs Kara.
The challenge 提起する／ポーズをとるd by the neobanks has also 押し進めるd the bigger 貸す人s to 投資する more into their 数字表示式の 能力s.
Lance says: 'Banks are 会社にする／組み込むing and adapting fintech approaches to change the way they interact with their 顧客s.?
'This not only 長，率いるs off the 危険 of 科学技術の obsolescence - with the 井戸／弁護士席-基金d banks able to put 相当な 資源s into such 成果／努力s - but also makes these 過程s more pleasant and efficient for 顧客s, 増加するing 顧客 experience and retention, and lowering the cost of service 配達／演説／出産.'
All of this means that 中央の-tier banks are 直面するing challenge from both the 遺産／遺物 貸す人s and the 勇敢な upstarts. So are 最近の 取引，協定s indicative of a wider 傾向?
Cashplus boss Rich Wagner thinks there'll be more activity in the banking 部門
Rich Wagner, 長，指導者 (n)役員／(a)執行力のある of small 商売／仕事-焦点（を合わせる）d Cashplus Bank says: 'I've been 予報するing consolidation across the 数字表示式の 挑戦者 and wider banking 部門s for a few years now, and to be honest it hasn't happened as quickly or to the 規模 I 推定する／予想するd.?
'Consolidation plays like 全国的な's 提案するd 取得／買収 of Virgin Money don't やむを得ず signal the end of the first 世代 of 挑戦者 banks, but it is a demonstration that it often makes sense for larger, 伝統的な 会・原則s to buy rather than build.
'It may also be a 調印する that 現在の market valuations of 公然と 貿易（する）d banks are creating good 条件s for 取引，協定s to be done.
'I believe the 傾向 of acquiring for 能力 will continue as 革新 will be driven by smaller more agile 数字表示式の players.?
'But that doesn't mean that every new 挑戦者 will be 吸収するd by a bigger bank. Some will go it alone, and I would also 推定する／予想する to see some consolidation の中で 挑戦者s themselves.'
