Calgary financial services industry
Following global economic crises in the past few years, Canada has been praised for the resilience in its banking system and the country’s ability to weather financial storms better than most nations. While Calgary’s economy didn’t escape the impacts of the economic recession, its financial services sector remained, and continues to remain, strong. Calgary is North America's fastest growing economic region - providing many opportunities for business and financial services to the Calgary Region.
Canada’s western financial capital
In the last 10 years, the financial services sector has become a key contributor to the strong economic growth in Calgary. Calgary's finance and business industry is experiencing huge growth with 13,300 new jobs created over the past ten years (2001-2010), an increase of 39.1%. Calgary’s reputation as a global financial centre has also increased, and stands beside Canadian financial powerhouses including Toronto. The Economist magazine stated in 2007 that, “For the first time in a century, Toronto’s status as Canada’s pre-eminent city is being challenged – the contender is Calgary, the western base of the country’s booming energy industry.”
In 2011, Calgary was added to the list of cities eligible to be recognized in the Global Financial Centres Index (GFCI). The list compares the competitiveness of global financial cities, and senior members of the global financial services sector vote for cities included in the index.
Head office strength and economic support
Calgary’s continued economic growth and increased new residents and businesses means new customers. The city’s financial services sector boasts, among others, all six of Canada’s major banks, strong regional banks, international investment banks and other financial investment firms. The location of these financial institutions is critical for other industries such as energy that rely on the financial services sector for funding and investment assistance. 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. And with Calgary housing the second largest concentration of head offices per capita, the access to key decision makers offers Calgary a unique competitive advantage that cannot be beat by many other cities.
Calgary’s strength and uniqueness lies in its knowledgeable experience and the sophistication of its workforce, particularly when it comes to the sell-side of the transaction. The continued economic growth in the city will soon add to the amount of assets under management, pushing Calgary to the forefront of global financial centres.