Edinburgh may be best known as the home of the famous arts festival - but the Scottish city is fast becoming one of Europe’s financial powerhouses as well.
That’s the clear conclusion being drawn after Edinburgh beat off competition from 18 other cities to become home to the HQ of the UK’s ambitious, new Green Investment Bank.
The bank has been created with the help of £3 billion of public money and is aimed at helping companies in the renewable energy market to set themselves up. It’s perhaps no surprise that the decision went in Edinburgh’s favour. The city is rated as one of the UK - and Europe’s - top venues when it comes to finance - and environmental issues.
"Edinburgh has a thriving green sector and respected expertise in areas such as asset management,” said the UK’s Business Secretary, Vince Cable. The GIB, as it will be known, will have a second office in the City of London.
The move comes after another new financial institution, Virgin Money, also moved into Edinburgh’s thriving financial sector, joining a number of major banking, insurance and pension companies. The Green Bank is expected to create between 50 and 70 front line jobs, but is expected to help create many more through its large development fund.
Owen Kelly, chief executive of Scottish Financial Enterprise, said it was "tremendous news for Edinburgh".