The Scottish financial services industry is one of the most innovative, competitive and thriving in Europe and one of the most important sectors of the country’s economy. The financial services industry in Scotland is 300 years old and, today, comprises a mix of indigenous companies and some of the world’s largest financial institutions.
Banking, insurance, investment management and asset management/servicing are the particular strengths of the Scottish financial services industry, which directly employs over 86,000 people and generates £7 billion for the economy annually.
- Strengths of financial services in Scotland
- The benefits of the Scottish financial services industry
- Growth of financial services in Scotland
- Investment in Scottish financial services
Strengths of financial services in Scotland
Scotland’s financial services industry is truly world-class, with a breadth of services available across a range of vibrant, and growing, sectors. Scotland is of strategic importance to a range of global financial services organisations and can boast a strong community of professional advisers and suppliers.
There is a renowned academic sector in Scotland which supports the financial sector by producing thousands of high-quality graduates each year.
The benefits of the Scottish financial services industry
The political regime in Scotland is supportive of business and seeks to encourage growth in all sectors, including financial services. Significant savings are available for companies when Scotland is compared to other financial service centres.
- Scotland is home to a large cross section of financial services companies, with most located in the Central Belt.
- Scotland is world-renowned as a location for foreign direct investment, complementing the outstanding financial services sector.
Growth of financial services in Scotland
The Scottish financial services industry in Scotland is the fastest growing sector of the country’s economy. Since the beginning of 1998, Scotland’s financial services industry has grown by a massive 96 per cent and is now responsible for around 7 per cent of Scotland’s GDP and over 10 per cent of jobs.
Investing in Scottish financial services
More than half of the world’s top 20 financial organisations have established substantial operations in Scotland. The financial services companies who have realised the benefits of a Scottish location include:
- JP Morgan.
- Morgan Stanley.
- National Australia Group.
- BNP Paribas.
- Lloyds TSB.
- Abbey.
- Resolution.
- Citigroup.
- Barclays.
- State Street.
Find out more about the benefits of financial services in Scotland
Key facts about financial services in Scotland, further underline the strengths of the industry, while contacting SDI can help you discover the full range of services we offer the Scottish financial industry.