This item was published during the term of a previous administration that ended in April 2007
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Donald Dewar praises Standard Life Bank jobs boost for Scotland
05/01/1999
Scottish Secretary Donald Dewar today praised the success of Standard Life Bank during its first year of operation. The Bank already employs 500 staff in Scotland, with a further 500 forecast to be created during 1999.
Opening the Bank's new mortgage centre in Edinburgh, Mr Dewar said:
"Although still very much in its infancy, Standard Life Bank is already a remarkable success story. In its first year of operation it has surpassed all expectations, from the amount of savings deposited with it, to the number of jobs it has created. This latest venture into mortgages will help build on these achievements.
"The new mortgage centre in Edinburgh will employ up to 300 staff, with around 200 in place from day one. With 500 jobs created in its first year of operation and a further 500 forecast by the end of 1999, this is more than just a success story for Standard Life - it is a success story for Scotland.
"It is yet further evidence of the skills and expertise that exist in Scotland's financial services industry. It is also another example of the enterprise and innovative thinking that has ensured that Scotland has remained at the forefront of developments in this most important sector of our economy.
"But we in Government do not simply watch developments from the sidelines, exciting as they are. We are committed to defending Scotland's prosperity, in the face of world economic uncertainty. We want to create stable and sustainable growth. We will encourage enterprise and investment in new technologies and service sectors, in our pursuit of a top quality knowledge-based economy. Standard Life Bank is a good example of how business needs to identify new innovative ways in which to expand and remain competitive."
BACKGROUND
1. Standard Life Bank is a subsidiary of Standard Life Assurance Company. It opened for business in January 1998.
2. The new mortgage centre is based at 52 Annandale Street, Edinburgh. Mortgage products will be launched to the public from today. The mortgage centre will employ up to 300 staff, with 200 in situ from day one.
News Release: 2743/98
4 January 1999