Calgary ranks #17 on the list of top global financial centres!
AGAIN – this will cause more head offices to move here, creating or supporting continued housing demand and price support. Once a city hits about one million people the influx of in-bound migration continues.
CALGARY — Calgary continues to draw attention globally as a financial centre.
The city has moved up 11 spots to 17th overall in the London-based Z/Yen Group’s Global Financial Centre Index (GFCI) — the only well-established index measuring global financial centres. The index ranks 77 of the world’s major financial centres in terms of competitiveness.
The index has been in existence since 2007.
Calgary made the list for the first time in March 2012.
“Calgary continues to make strong progress as a financial centre having joined the Global Financial Centres Index one year ago,” said Mark Yeandle, GFCI author, Z/Yen Group, in a statement. ”The Economist Intelligent Unit rates Calgary highly in its Business Environment Index and its Operational Risk Rating, The Fraser Institute rates Canada highly in its Economic Freedom of the World index and Standard & Poor rate Canada very highly in its measure of Banking Industry Country Risk. Additionally the Milken Institute ranks Canada very highly in its Capital Access Index. Respondents to our questionnaire continue to recognize the significant growth in financial services within Calgary as a result of the success of the energy sector.”
Bruce Graham, president and chief executive of Calgary Economic Development, said the city’s 11-point improvement in the past year supports the organization’s goal to build Calgary’s reputation as a global financial centre and demonstrates the growing strength and confidence in the sector.
“Building on the strength of the energy sector, Calgary is well-positioned to see sector diversification and continued growth in the financial services sector,” he said. “Through our Calgary. Be Part of the Energy campaign, our inclusion in the index will help elevate the international profile of Calgary in the attraction of financial institutions and qualified talent needed in this sector.”
According to Calgary Economic Development, Calgary’s finance and business industry is experiencing huge growth with 8,100 new jobs created over the past 10 years, an increase of 47.6 per cent (2003-2012). A result of the success of the energy sector is that most major Canadian financial institutions and lenders have a presence in Calgary, along with a growing list of international financial groups, says the organization. Examples of international financial institutions in Calgary include the Bank of America, Citigroup, Barclays Capital, Deutsche Bank, Bank of China, Goldman Sachs, HSBC, ICICI Bank, JP Morgan, Merrill Lynch, Royal Bank of Scotland and Société Générale.
Rachel Yin, business development manager for financial services at Calgary Economic Development, said the index is important for Calgary in attracting investment and talent in the industry.
She said several factors led to Calgary’s improvement in the global ranking including: Canada’s strong banking system; Calgary’s economy; investment into Canada and Alberta in the resource sector; and support from different industries and levels of government.
“We have the financial sector advisory committee that’s led by CED and in that committee we have a lot of experts from the industry so they promote Calgary. They are a good promoter for Calgary,” said Yin.
“Calgary has always been famous for energy. An energy hub. We see a lot of deals going on.”
She said 12 per cent of the city’s global energy deals are conducted in Calgary.