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Birmingham's fast growing financial services businesses visited by the Economic Secretary

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

City Minister Andrea Leadsom visits the offices of Deutsche Bank, TSB and Al Rayan in Birmingham to see first-hand the city’s successful banking sector.

Leadsom hailed the growth of Birmingham’s financial services industry as she visited Deutsche Bank’s new premises at Five Brindleyplace and saw first-hand the scale of the bank’s investment there.

Opened in 2014, the premises represent Deutsche Bank’s strategy to locate some of its investment banking and asset management activity, in addition to technology, infrastructure and support services outside of the traditional London hub.

As part of her tour the City Minister also visited the Longbridge branch of challenger bank TSB, where she met the local branch manager to discuss TSB’s local banking model and new initiatives which ensure the bank’s staff are focussed on customer satisfaction rather than sales targets. This 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.

The City Minister also visited Al Rayan Bank’s HQ offices in Birmingham to welcome the completions of the first Home Purchase Plans, which are sharia compliant alternatives to mortgages that are included in the government’s Help to Buy: mortgage guarantee scheme. This is part of our strategy to broaden Britain’s range of expertise in financial services.

Economic Secretary to the Treasury Andrea Leadsom said:

A key part of our long term economic plan is to support a competitive financial services sector both in London and throughout Britain.

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.

I’ve also met with TSB branch staff to see how this challenger bank is supporting customers in their local area. And I’m delighted to announce that the first Home Purchase Plans under the Help to Buy: mortgage guarantee scheme have been completed in Birmingham by Al Rayan Bank.