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Global Financial Services Week
26/02/2008
Scotland will play host to the world's most respected experts in international finance during a series of events at the end of May.
Global Financial Services Week will cement Scotland's position as a leading centre of the international financial services industry. Events held throughout Scotland will showcase Scotland's strengths and give firms international opportunities for inward investment and to attract talent to work in the financial services industry.
The Week, starting on May 26, is supported by the Financial Services Advisory Board (FiSAB), the pioneering collaboration between the financial services industry, unions, the Scottish Government, Scottish Enterprise and Universities Scotland.
Speaking after today's FiSAB meeting, Finance Secretary John Swinney said:
"Scotland's financial services industry makes a critical contribution to increasing sustainable economic growth. The industry in Scotland has been resilient through recent market turmoil and is well placed to continue to perform well in 2008.
"In partnership with the industry, we are determined to retain a competitive edge and attract companies to expand and invest in Scotland. We already have the skills and the reputation - Global Financial Services Week will focus world attention on what Scotland has to offer and will provide a tremendous opportunity for inward investment and the further development of the Scottish financial services industry."
John Campbell, deputy chair of FiSAB and chairman of Scottish Financial Enterprise said:
"We believe this is the first time a country has held such an event and it is indicative of the innovative and dynamic approach that the Scottish financial services industry has always taken.
"The industry continues to make a major impact on the life and economy of Scotland, contributing around £7 billion to the economy and providing one in every ten jobs. These events will shine a spotlight on the tremendous amount of work which has been done by government, the financial services industry and trade unions to protect and increase Scotland's share of global financial services business."
Events already confirmed include the inaugural Global Financial Services Conference. Speakers already confirmed include First Minister Alex Salmond, Council of Economic Advisers member Professor John Kay and senior executives from HBOS, IBM Global Financial Services and Morgan Stanley.
Other events include the Chartered Institute of Bankers in Scotland annual conference, the publication of the FiSAB annual report and its targets for the year ahead, and the Scottish Council Foundation's annual lecture, this year given by Hamish McRae, one of Europe's leading economists and futurists. There will also be a wide range of education and careers related events throughout the week.
The financial services industry accounts for about seven per cent of Scottish GDP and grew by over eight per cent during 2006.
Financial services accounts for around nine per cent of Scottish jobs, employing 108,000 directly.
In 2006, the sector's exports to foreign countries were estimated to be over £1.1 billion, an increase of 7.5 per cent in nominal terms on the previous year. The sector now accounts for around six per cent of total international Scottish exports, and around 19 per cent of total international Scottish services exports. Initial calculations suggest that financial service exports to the rest of the UK stood at £7.3 billion in 2005, nearly 18 per cent of the Scottish total.
The Financial Services Advisory Board (FiSAB) was established in March 2005 to deliver 'A Strategy for the Financial Services Industry In Scotland' - aimed at ensuring the success of one of Scotland's most prestigious and profitable industries. FiSAB brings together partners from the financial services industry, the public sector and the trade unions. FiSAB is supported by the Financial Services Implementation Group (FiSIG).
The current FiSAB membership is:
First Minister
Cabinet Secretary for Finance and Sustainable Growth Minister for Enterprise, Energy and Tourism John Campbell, Deputy Industry Chair - SFE Chairman and Senior Managing Director, State Street Ian Ferguson - Director of Underwriting, Norwich Union David Fleming - Unite Martin Gilbert - Chief Executive, Aberdeen Asset Management Colin Matthew - Chief Executive, Strategy and International Operations Division, HBOS plc Jack Perry - Chief Executive, Scottish Enterprise Sir Muir Russell, Principal, University of Glasgow Lisa Stephenson - Lloyds TSB Scotland Ben Thomson - Chairman, Noble Group Limited Otto Thoresen - Chief Executive, AEGON UK Margaret Wallace - Managing Director, Morgan Stanley Willie Watt - Chief Executive, Martin Currie Investment Ltd David Wilson - Director, Enterprise, Energy and Tourism, Scottish Government HM Treasury observer