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Financial peace: Why the Bank of Scotland has a homebridge financial group article Fort Financial Services has signed up for a new financial group in the City of Edinburgh.
The Scottish Bankers’ Association (SBA) said it was signing up for the group to help it achieve financial stability, with a focus on the banking sector and the City.
It said it hoped to have a new homebridge group up and running by the end of 2019.
The Scottish Banker’s Association ( SBA ) said it is signing up Fort Financial to help build financial stability.
The SBA said it hopes to have the group up by the time the financial markets reopen.
This is the first homebridge organisation for the City, and the new group will be tasked with improving financial services for the people of the City and the wider City region, said Derek Mackay, chief executive of Fort.
“We are looking to create a home bridge organisation in the financial services sector and will help Fort develop a strong base of business contacts to strengthen its financial services infrastructure in Scotland.”
Fort said the group would be working closely with the City to achieve financial sustainability.
It will provide support to Fort, which employs about 2,000 people, and Fort’s customers, and will also act as a catalyst to encourage other companies in the sector to join the group, Fort said.
Fort said it would also work closely with City councils to promote a stronger relationship between the City government and Fort.
“Fort is an independent financial services company that operates in a very competitive market.
It will have a major role in the creation of a new, robust homebridge business group and will work closely together with City Councils and other stakeholders to achieve a financial stability and economic prosperity for the whole City of Glasgow,” it said.
“The aim is to build a strong financial services network in the UK, which we believe will deliver a sustainable financial stability for all City residents and businesses.”
The announcement comes on the eve of the opening of the Financial Services Forum in the Scottish capital, which is expected to feature a range of business and technology experts, including executives from the Bank.
SBA director of business services Alan Macdonald said the announcement showed the Bank was “actively exploring ways to make the City more competitive”.
“We are excited about the prospect of a more competitive market, and this news is a positive step towards this ambition,” he said.
“The introduction of a home-bridge group is an important step in helping to ensure that the City has the financial support it needs to ensure it remains an attractive place to live and work.”
Fort has a base in the city, which it has since acquired.
As part of its £10bn bid to build the new home bridge, Fort will work with other Scottish banks to help them to develop new technology and services.
Finance Minister Derek Mackie said: “Fort has made a major investment in building its own home bridge business in the capital.
We are delighted that the Bank is helping to realise its ambition of building a home banking network in Scotland.
I welcome Fort’s continued support to the City by working closely to develop the City’s financial services capabilities, and I look forward to seeing the full benefits of this partnership.”