Glasgow Business

Financial Services in Glasgow

With a reputation as an established financial services centre, coupled with comprehensive support services, Glasgow continues to attract and grow new business. Glasgow’s financial services district has the capability to support the majority of key financial functions and the vision to maintain its position as a leading European city.

 Corporate relocation can be a daunting prospect for even the largest companies but here in Glasgow we understand the challenge of new business growth, and we have the support systems to facilitate your arrival in the city.

 Over the last decade, hundreds of companies have started new operations in Glasgow - creating thousands of new inward investment jobs. This growth is largely due to significant ongoing inward investment. Our planned future investment will only add to Glasgow’s economic success – and the success of companies who join us.

 Glasgow’s International Financial Services District (IFSD) is a £ 1 billion+ joint public/private sector project, creating a highly attractive environment for UK and overseas companies in the financial services sector. As a pre-equipped business area, the IFSD is designed to allow fast track occupancy for firms seeking a new UK location. The partnership includes government agencies, public and trade bodies, as well as property developers and BT.  Relocation to the IFSD is supported by advice and practical assistance, skills initiatives and recruitment support.

 For more information or to receive assistance contact:

Scottish Enterprise

The main economic development agency for Scotland, helping people and businesses in Glasgow to succeed.

Glasgow City Council

Working alongside public and private sector organisations to establish Glasgow as one of Britain’s leading cities.

Scottish Development International

Helping businesses exploit Scotland’s strengths in knowledge-based industries, technology and innovation.

Glasgow's Pedigree

BANKING SECTOR

Scotland's financial services sector has a long history. The Bank of Scotland was founded in 1695, a year after the creation of the Bank of England. The Royal Bank of Scotland was founded in 1727. In fact, merchants in all of Scotland's cities and major towns were able to set up their own banks - unlike merchants in England.

During the 18th century, Scottish banks were the first to introduce overdrafts and issue their own banknotes. The British Linen Bank also developed the concept of branch banking.

Scottish banks were the first to develop taking deposits and paying interest on a commercial basis. This originated in Glasgow, which enjoyed a fast-growing economy.

This innovation and commitment continues, and currently Scotland manages over £300 billion of funds.

INSURANCE SECTOR

The Union of the Parliaments in 1707 was a watershed in Scotland's commercial history. It allowed Scots access to the lucrative trade with America and the West Indies. Glasgow's merchants seized the opportunity.

Then as now, the world's goods and raw materials moved by sea, fuelling demand for marine insurance. In 1818 the Glasgow Marine Association was formed to represent and develop the interests of the hull and cargo underwriters operating in the city.

By the mid 1880s over 80 insurance companies had branch offices in Glasgow - and four life assurance companies had their headquarters here. The continued presence of the UK's leading insurance companies underlines the city's credentials as a leading centre in the industry.

Attached are just some of the major achievements in banking and financial services in Scotland, from the first overdraft to talking ATMs, Scotland leads the way.

A History of Innovation in Scottish Banking