Scotland has a long and distinguished history in banking, and the industry continues to flourish to this day. The banking industry in Scotland is a major provider of employment and makes a significant contribution to the country’s economy.
The banking industry in Scotland
The Bank of Scotland first opened its doors in Edinburgh in 1695, signalling the start of over 300 years of excellence in the banking sector. Today, Scotland hosts the headquarters of two of Europe’s top 10 banks, the Royal Bank of Scotland and Halifax Bank of Scotland, as well as another two clearing banks, Lloyds TSB Scotland and Clydesdale.
In 2005, the banking industry in Scotland employed over 65,000 people, an increase of 34 per cent since 2000. The sector continues to expand, with Scottish Widows establishing a bank in 1995 and the Standard Life Bank opening in 1998.
Strengths of the Scottish banking industry
Aside from the four clearing banks headquartered in Scotland, many other international banks operate substantial bases here. Scotland can also offer expertise in the set-up and management of shared service centres and customer contact centres for the banking industry.
The wide range of services offered by the Scottish banking industry includes:
- Full HQ functions.
- Retail and corporate banking.
- Treasury.
- Insurance.
- Actuarial, consultancy and mortgage services.
- Investment management and corporate finance.
The banking industry in Scotland also benefits from an extensive supply chain of providers and professional advisers delivering the wide spectrum of support services required by global financial institutions. This infrastructure includes specialist HR firms, IT, business consultancy, outsourcing and legal services, risk management and political lobbying.
Benefits of Scotland for the banking industry
Scotland’s universities produce thousands of high-quality graduates suitable for the finance and banking industries every year. The Scottish workforce is one of the best-trained, most reliable and most cost-competitive in the world, and labour regulations are among the most flexible in Europe.
Banking institutions looking to establish operations in Scotland can take advantage of substantial salary, property and tax savings without sacrificing quality.
Scottish Development International provides active support for the financial services industry
Contact SDI to discuss how we can support investment in the banking industry in Scotland and all financial services sectors