Scottish financial services industries
Scotland is one of Europe’s leading financial centres, and the Scottish financial services industry is the fastest growing sector of the country’s economy. The financial services industry continues to thrive, with Scotland an established, world-class location for a wide range of international activities.
The financial services industry in Scotland can boast particular strengths in the following areas:
Banking
Scotland has a proud tradition in banking and associated financial services, stretching back hundreds of years. Four UK clearing banks have their headquarters in Scotland, two of which – the Royal Bank of Scotland (RBS) and Halifax Bank of Scotland (HBOS) – are among the 10 largest in Europe.
General insurance, life insurance and pensions
Insurance companies provide over 30% of financial services industry jobs in Scotland, servicing a UK-wide customer base. The UK headquarters of four major insurance companies are located in Scotland.
Asset management/servicing
Scotland has quickly gained recognition as a leading centre for asset servicing and is an important base for the major international players in this area. Over £530 billion in funds are directly managed in Scotland.
Investment management
The investment management strengths of Scotland include pension investments, global equity and fixed income investments, unit trusts, venture capital, private equity, property, hedge and other equity, bond and emerging market funds.
Shared service centres and contact centres
Scotland offers strengths in the set-up and management of shared service centres and customer contact centres for the financial services industry, as well as other key industries.
Consequently Scotland is home to a range of shared service centres, with leading companies employing 326,000 people in business and finance. Around 300 contact centres are located in Scotland, with a large pool of experienced, cost-competitive and multi-lingual staff available.
A fully developed infrastructure is already in place for financial services businesses in Scotland with support available to enhance growth. Find out more about the scope and potential of the financial services industry in Scotland.