By Graham Huband

DUNDEE’S REPUTATION as a financial services centre has been further enhanced with the announcement that 100 new jobs are to be created in the city by one of the world’s leading securities firms.

French financial services giant BNP Paribas has committed itself to more than doubling its workforce in Dundee as part of a major expansion in Scotland over the next three to five years.

The firm—which provides securities services to the world’s financial institutions—already employs around 60 people at its base at Dundee Technology Park and has recently established an office in Glasgow.

Both cities are set to benefit from the expansion, partially funded by a government grant of £3.7 million, with 100 new jobs coming to Dundee and around 270 more for Glasgow.

The news is a further boost to Dundee after Alliance Trust’s decision to build its new £12.5 million corporate headquarters in Marketgait and create160 jobs.

By the end of 2009, Alliance Trust expects to be employing 360 people in its pensions, asset management and investment dealing businesses in Dundee.

Scottish Enterprise Tayside operations director Jill Farrell welcomed BNP Paribas’s announcement.

She said, “This is the second major announcement in the financial services sector in Dundee within the space of a few months and is a testament to our growing reputation as a fantastic place to live, work and do business.

“After carefully reviewing locations across Europe, BNP Paribas’s decision to expand the Dundee facility will more than double the workforce in Dundee.

“That is a tremendous accolade to BNP Paribas’s existing workforce and demonstrates the confidence that they can recruit capable and talented people in the area and belief in the supportive business environment.”

Tony Solway, head of BNP Paribas Securities Services UK said the company had turned to Scotland because of the impressive skills base of the country’s workforce.

He said, “We have long established relationships with asset managers in Scotland and anticipate strong growth in our business in the coming years.”

Scottish Minister for Enterprise Jim Mather was pleased with the news.

He said, “The First Minister and I have made clear in Parliament the overarching priority of Scotland’s new government is delivering strong, sustained and sustainable economic growth.

“The creation of these new jobs contributes materially to this goal and will provide a real boost for the economy, not just in Glasgow and Dundee but in Scotland as a whole.

“It is paramount that we do all we can to help businesses flourish in Scotland and take full advantage of the skills and talent available within the Scottish workforce.”

Martin Togneri, chief executive of Scottish Development International, added, “Scotland is now recognised as one of Europe’s leading financial centres and the remarkable expansion of the industry in Scotland over the last few years in particular illustrates that its appeal is growing all the time.

“Already half of the world’s top 20 financial services companies have significant operations in Scotland and this project was won in the face of intense European competition.

“This is a credit to everyone working in the industry in Scotland and the public and private sector organisations promoting Scotland and continuing to successfully compete against the best in the world.”

Dundee City Council’s economic development convener Joe Morrow said, “Today’s announcement by BNP Paribas is a welcome boost to the growing financial services sector in Dundee, and demonstrates the tremendous value that the bank places on its workforce in the city.”