Birmingham is top financial services centre says City Minister
BIRMINGHAM has all the hallmarks of a major financial services centre as evidenced by its diverse range of banks and finance businesses, City Minister Andrea Leadsom has said.
Ms Leadsom visited the offices of Deutsche Bank and Al Rayan in the city centre and TSB in Longbridge to see first-hand the city’s successful banking sector.
She said one of the reasons why the city was able to attract firms of the calibre of Deutsche Bank was due to its large talent pool.
The bank caused a stir through the financial services industry last year when it announced it would be opening its new trading floor in Birmingham rather than in London. The move was a real coup for the city and underlined its strength as a major financial services centre.
Touring the new facilities, Ms Leadsom was able to see first hand the investment that had taken place.
“It was most impressive and the bank told me that one of the major reasons it had chosen Birmingham as the base for the operation was because of the enormous pool of talent the city has available,” she said.
During her visit to Longbridge she took time out to talk to TSB staff and to find out how the bank’s new business model was working following its split from Lloyds.
“It was most refreshing to talk to people there are morale was strong despite everything that has happened to the banking sector in recent years,” she said.
“One of the most impressive things about the operation is that staff are not given sales targets, rather they are given customer service targets and told to report back on customer satisfaction.”
The visit follows on from the City Minister’s recent meeting with TSB’s CEO, Paul Pester, where she welcomed TSB’s ‘partnership style’ of employment, through which all staff are encouraged and incentivised towards great customer service.
Her visit to the city was rounded off with a tour of Al Rayan Bank, the former Islamic Bank of Britain.
Al Rayan said it had worked closely with the Government to develop Sharia compliant finance in the UK. Last year, the Bank worked with the Treasury to develop the Help to Buy: Home Purchase Plan (HPP) Guarantee Scheme, the Sharia compliant equivalent to the Help to Buy: Mortgage Guarantee Scheme. The scheme enables HPP providers to enjoy the same level of Government support as conventional mortgage providers and further widens the choice for consumers, with smaller deposits to purchase property.
Commenting on the visit, Sultan Choudhury, CEO of Al Rayan Bank said: “It was an honour to welcome Andrea Leadsom MP, to our Birmingham offices, which has been our home for over a decade. In the last 10 years the bank has pioneered Sharia compliant retail banking in the UK. It’s a real pleasure to be able to showcase our work and highlight some of the bank’s achievements.”
Ms Leadsom said this model fitted with the Government’s strategy to broaden Britain’s range of expertise in financial services.
“A key part of our long term economic plan is to support a competitive financial services sector both in London and throughout Britain,” she said.
“That is why it is great to see first-hand how Britain’s banking sector is thriving outside of London, including Deutsche Bank’s recent expansion in Birmingham, which is creating jobs and supporting the local economy.”
