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The sources said the public consultation would suggest a merger of about a dozen trade associations. In addition to the BBA, it would include the Council of Mortgage Lenders, the Payments Council and the UK Cards Association, the sources said.
The aim would be to create a more cost efficient and streamlined lobbying group. There was concern groups were duplicating efforts, such as when representing the UK cards or banking industry on European regulatory issues, sources said.
A 25-page outline paper has been sent to some banks and associations and more detailed consultations will take place this month.
The most radical option is to merge all the trade bodies under a coordinating council, which would then have sub-groups to deal with certain issues or business areas, such as cards.
A second option in the paper is to bring similar trade associations together. A third option is to maintain the status quo.
The groups and their members could appoint an external consultant to consider the options, one of the sources said.
Members of the trade bodies want to make savings as they focus on complying with costlier rules aimed at plugging regulatory gaps highlighted by the 2007-09 financial crisis.