The escalating tensions due to the U.S.-China trade dispute could boost British lenders if American banks' market access is reduced as a consequence, said Barclays Bank PLC's chairman.

"I hate to say so but I think it's right," Gerry Grimstone told CNBC Oct. 8 when asked if China would reduce market access for U.S. banks, and noted that British banks could benefit if this were to happen.

China has shown its displeasure toward American lenders in subtle ways, most recently during a conference where they put the Goldman Sachs Group Inc. chairman in a hotel as far from the conference location as possible, said Grimstone.