This item was published during the term of a previous administration that ended in April 2007
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FM praises financial services sector
30/09/2002
First Minister Jack McConnell said today that financial services is the most dynamic and successful growth sector in the Scottish economy, with our best companies leading players in the UK and world markets.
The First Minister was speaking after touring of Royal Bank of Scotland's state of the art Customer Service Centre in Bolton - which currently employs more than 500 people.
Jack McConnell said:
"The Royal Bank of Scotland is a strong example to all Scottish companies of what can be achieved by increasing their involvement in the global market-place
"Financial services is a real Scottish success story - it is one of Scotland's oldest industries and yet one of our most modern and innovative. The future looks equally exciting, with companies such as the Royal Bank strengthening their national and international profile from Scottish bases.
"Financial services will have a key role as we seek to accelerate Scotland's rate of economic growth within the framework of a strong and stable UK economy, creating more jobs and funding for public services.
"It is our priority to ensure its continued growth and prosperity. With the Financial Services Action Plan launched last year, we have in place a long-term commitment to work with the sector."
The Scottish financial services sector has grown at around twice the rate of the rest of the UK's financial services sector over the last six years.
Direct employment in financial services in Scotland is now nearing 100,000 with a similar number in supporting economic activity - in total, getting on for one-in-ten of our jobs. Ten of Scotland's top 20 companies are in the financial services sector and Scotland now commands 70% of the UK financial services market outside London.
Significantly, Scotland is now HQ to four major banks, and home to three of the UK's leading pension and life assurance providers.
In June 2001 the Scottish Executive, and Scottish Enterprise, in partnership with Scottish Financial Enterprise launched 'Investing in our Future, the Financial Services Action Plan for Scotland'. This was a first of its kind in terms of industry partnership and a milestone in the relationship between government and the financial services sector in Scotland.
The Royal Bank of Scotland Group, founded in 1727, is one of Europe's leading financial services groups. By market capitalisation as at 22 February 2002, it is the second largest bank in the UK and in Europe, and ranks fifth in the world.
The enlarged Royal Bank of Scotland Group has a market capitalisation of £49 billion as at 22 February 2002, compared with £19.7 billion immediately after the takeover. It has more than 18 million UK personal customers, 2,287 UK branches and total assets at 31 December 2001 of £368 billion. The Group employs over 105,000 staff world-wide.