This month and next, the Lloyds privatization will compete for attention with Barclays' £5.8 billion ($9.03 billion) rights issue. Then there's the IPO (initial public offering) triplets: Williams & Glyn, Virgin Money and TSB – all set to hit the market with aplomb. And that's before Royal Bank of Scotland has turned up at the privatization big top.
But who's buying and why do they want to?
After a catastrophic five years in the bank sector, investors are still licking their wounds and the current power struggle between Co-op's bondholders and its parent about the structure of the forthcoming "bail in" could push investors either way.
Since the financial crisis, British banks have seen their value crash by upwards of 50 percent while their balance sheets have faced the biggest retrenchment in modern history. In the wake of the first bank run since 1866, taxpayers have been left with a £107 billion bill, while shareholders have made only paltry gains compared with massive losses.
The scale of upheaval has seen a third trimmed from RBS' £1.2 trillion balance sheet, while its investment bank has been cauterized by political fervor.
(Read more: UK Bank Co-op Confirms Requires Additional Capital)
And yet, many intrepid fund managers have begun to wonder whether U.K. banks could return to being the utility-style, high-dividend payers they used to be. After all, many U.K. banks are a levered play on the U.K. economy and if economic recovery is on the horizon, coupled with interest rate hikes, then U.K. retail banking will be the top act in the high top.