GLASGOW'S (pounds) 600m internat-ional financial services district will not be aiming to compete for jobs with Bangalore in India, which is slowly becoming the call centre capital of the world.
It also emerged that backers of the two million sq ft project at Glasgow's Broomielaw area, who gathered at the London Stock Exchange yesterday to promote the district to the City, are close to deciding whether to proceed with building a rail link to the IFSD.
Glasgow City Council has undertaken a (pounds) 1m feasibility study into creating a transport link that would be ''like the Docklands light rail'', which connects the City of London to the emerging financial district of London's Docklands.
The council said it would connect the IFSD with the city centre, and would extend three miles west of the centre to a new mixed-use development at Glasgow Harbour.
A decision is expected next month.
Responding to fears that the city's financial district will become nothing more than a 'call-centre village' for internat-ional financial services com-panies, Amanda Harvie, chief executive of Scottish Financial Enterprise, said: ''I don't think Scotland should be trying to compete with Bangalore and that is not what the IFSD is about.
''Scotland should be focused on the higher skill end. We are confident the quality of our offering is second to none.''
It comes at a time when an increasing number of financial services companies are ''offshoring'' back office functions, such as call centre and data processing operations to lower cost economies such as India, China and Malaysia.
Backers of the project in-clude Scottish Enterprise Glasgow, Scottish Development International, Glasgow City Council and Scottish Financial Enterprise.
The IFSD, which aims to create 20,000 jobs by the time it is complete in 2011, already has 400,000 sq ft of space ready for occupation. Of the planned two million sq ft, it has already pre-let 1.3 million sq ft to the likes of Clydesdale Bank, JP Morgan, esure, Morgan Stanley and Goldfish.
All of these companies already have a base in the city and are either consolidating into one building in the IFSD or are taking advantage of more attractive rents in moving there.
One property agent involved in leasing office space in the IFSD said that rents in the district were typically between (pounds) 17.50 and (pounds) 23 per sq ft.
City centre office rents in Glasgow are around the (pounds) 23 per sq ft mark - they are nearer (pounds) 28 in Edinburgh.
IFSD organisers were confident of attracting a big anchor tenant at yesterday's launch to boost the project, but said it could take the presentation to New York, Boston or Frankfurt if it got little response.
The event drew the likes of Dresdner Kleinwort Wasserstein, Credit Lyonnais, Citigroup, Fortis Bank and Allianz Private Equity to lunchtime and evening presentations at the stock exchange.
Peter Wood, the insurance industry guru who launched both Direct Line and esure in Glasgow, spoke at the launch in an attempt to convince those who have shown a preliminary interest of the city's merits as a financial centre.
Ron Culley, chief executive of Scottish Enterprise Glasgow, also noted that companies locating in the city would be eligible for regional selective assistance grants.
SUPPORTING ROLES
''Scotland has some of the best technology, best communications and best people in the UK. It has kept ahead and remained ahead in the 15 years since I first came.
''Glasgow is a great place for
business, but it is not just a
district, it is a community. More than the sum of its parts.''
Peter Wood, chairman of esure
''Glasgow is increasingly being recognised as one of the premier business hubs in the UK, and the decision to launch the IFSD in London will encourage more inward investment into the city, bringing with it new jobs, new businesses and a significant boost to the Scottish economy.''
Michael Ingall, chief executive of Allied London Properties
''We already have a very vibrant financial services industry in Glasgow, with 28,000 people working in it and we hope for it to be a lot more ebullient.''
Ron Culley, chief executive of Scottish Enterprise Glasgow
''The fact that more than (pounds) 600m of mainly private sector investment has flooded in to Glasgow's IFSD underlines our credentials as a world-class proposition. Those companies which have already moved into the IFSD report not only an excellent working environment and a quality infrastructure but value the skills and attitude of the workforce.''
Charles Gordon, leader,
Glasgow City Council
''The IFSD is a critical component of Scotland's financial services sector. Much of Scotland's growth and success can be directly attributed to a flexible, stable and motivated workforce with highly developed skills for the financial services sector.''
David Smith, director of Scottish Development International
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