Since relocating its head office to Birmingham, HSBC UK has generated £540 million of wealth for the West Midlands, according to a new report by the West Midlands Growth Company
The Growth Company’s economic impact report found that of the total wealth created, £390 million was generated directly by the Birmingham head office and HSBC UK’s other operations across the West Midlands.
Meanwhile, nearly £133 million worth of GVA across the region will have been generated indirectly through the supply chain linked to the bank’s services and employees, demonstrating the cross-sector ripple effect of their investment.
Twenty-six other financial services companies have also invested in the West Midlands since the bank’s new head office was announced, creating an additional 800 new jobs.
Investing £200million in the ten-storey facility in Centenary Square, HSBC UK relocated 1,000 jobs from across its UK and international operations.
Ian Stuart, chief executive of HSBC UK, which has sponsored Birmingham Press Club for the last three years, said: “Birmingham was a natural choice for us thanks to its central location and established business eco-system that includes a critical mass of high-quality talent. A year on, it is fantastic to see the positive contribution our head office has made to the local economy and the ripple effect HSBC UK is having not just in Birmingham but also across the wider region.
“I’m confident that increasing numbers of financial and professional services firms will follow suit to become a part of this regional success story,” he added.
Andy Street, the Mayor of the West Midlands, said: “The West Midlands is the UK’s growth capital, with a regional economy that is growing faster than anywhere else in the country. What is fuelling this demand are major companies just like HSBC and the waves of migrating professionals choosing the region over London, as they do not have to compromise on either quality of life or a prosperous career.”
Meanwhile, ITG, a global technology-led marketing business with headquarters in Birmingham, is set to launch its new marketing operations suite later this year, after securing a multi-million pound finance package from HSBC UK and Lloyds Bank Commercial Banking.
Cloud-based and powered by an advanced Digital Asset Management (DAM) and workflow system, ITG’s new marketing suite, which will be called Canopy, will be at the forefront of a rapidly changing marketing landscape, and its innovative technologies aim to drive forward the next phase of marketing automation.
Mark Lovett, Chief Financial Officer of ITG, commented: “In this day and age, technology is the number one catalyst for change, particularly when it comes to developing innovative marketing campaigns that reach consumers anytime, anywhere, any channel. ITG has strategically developed its unique marketing suite and business proposition with this in mind, and we’re confident that Canopy’s automated technologies will be a differentiator in the marketplace. Stand-by for its launch later this year.”