Lord Mayor of the City of London to meet Scotland’s finance leaders

The Lord Mayor of the City of London, Alderman Ian Luder, whose principle role is to promote UK based financial and professional services both in the UK and abroad, is to meet some of Scotland’s top financial leaders during a visit to Edinburgh on Friday (14 August).

The Lord Mayor accepted an invitation from Edinburgh’s Lord Provost George Grubb to attend the opening weekend of the Edinburgh International Festival. As part of this trip he will meet with some of the country’s top financial services companies, their representative body Scottish Financial Enterprise, and Scottish Development International, to discuss the important contribution that Edinburgh and Scotland makes to the UK Financial Services sector.

Edinburgh remains a significant global financial centre, despite the recent economic downturn. Its strength is its diversity, with global players in insurance, pensions, life assurance, asset servicing and banking all operating from the city. It has particular expertise in asset management, standing 11^th in the world in the City of London’s most recent global financial centres’ index.

Lord Mayor of the City of London, Alderman Ian Luder, said: “People often forget that in terms of employment, 42 per cent of the UK financial services sector is in London.  Edinburgh is the next biggest centre, so as a major contributor to this key industry it is vital to maintain strong links between our two cities.”

Mark McMullen, Head of Financial Services Scottish Development International added , “Scotland is well placed to capitalise on opportunities to attract new investment as more international firms look to consolidate their global operations.  That is why it is vitally important that we take every opportunity to further develop our links both with London and with the Lord Mayor in his role as the UK’s international ambassador for the financial services sector.” 

Councillor Tom Buchanan, Convenor of the City of Edinburgh Council’s Economic Development Committee said ‘As Britain’s second – and Europe’s fourth – largest financial centre, Edinburgh’s financial services are a major contributor to the British economy and I am delighted that the Lord Mayor of the City of London is taking the opportunity to meet with some of the key players in the sector during his visit to explore how we can continue to work together in the future.’

Chief executive of Scottish Financial Enterprise, Owen Kelly, said: “The links between the financial services community in Edinburgh, and Scotland, and the City of London are uniquely strong. We are an international industry, and working with the City of London – the most important financial centre in the world - as we recover from the crisis in the industry is vitally important to all of us.”

Positive signs in the industry in Edinburgh include the announcement in March 2009 that Tesco Personal Finance was establishing its headquarters at Haymarket and the Co-operative bank recently opened a new Corporate Banking Centre as part of an £18 million expansion.