Banking In Scotland
Banking has a long and proud history in Scotland and remains a significant contributor to the country’s economy.
Boasting a highly skilled workforce, an extensive support network and unrivalled experience, the Scottish banking sector remains an attractive location for major international banking organisations.
The banking industry employed 50,000 people in 2009 making it a major source of employment in Scotland.
The Scottish banking sector continues to attract investment with Tesco Bank recently opening its headquarters in Edinburgh and creating a further 800 jobs in Glasgow. Virgin Money has also announced plans to locate its United Kingdom headquarters here, with the creation of up to 300 jobs in Edinburgh.
Banking in Scotland – an overview
The Bank of Scotland (now part of Lloyds Banking Group) opened its doors in 1695 and Scotland has remained at the centre of the banking industry ever since.
The Royal Bank of Scotland has its global headquarters here and Clydesdale Bank (now part of National Australia Banking Group) has it European headquarters here.
Many other UK and international banking organisations continue to invest in Scotland, including:
- Citi
- JP Morgan
- Morgan Stanley
- BNP Paribas
The Scottish banking sector is involved a variety of activities servicing customers across the UK, including:
- Retail and corporate banking
- Treasury
- Insurance
- Actuarial and consultancy services, mortgage activities
- Investment management and corporate finance
Scotland's banking industry strengths