Toronto and London, England are looking to strengthen ties between the financial services sectors in the two cities.
The Toronto Financial Services Alliance (TFSA) and TheCityUK Friday signed a memorandum of understanding they say will bring the two financial hubs closer together.
Together, the two industry groups will seek to identify members of the financial services community that are interested in expanding internationally and work to facilitate the process — sharing research and information, welcoming delegations and making introductions, and organizing seminars, workshops and conferences to explain the benefits of locating in either location.
The MoU was signed by Janet Ecker, TFSA president, and Chris Cummings, CEO of TheCityUK, in the presence of Rt. Hon. the Lord Mayor of London, Alderman David Wootton, and Michael Wilson, chairnab, Barclays Capital Canada Inc. and chairmab, Financial Services Leadership Council.
“While Canada’s financial linkages with the City of London pre-date the founding of Canada, there has been significant expansion of ties in recent years as Canadian financial institutions grow their presence in the UK and throughout Europe,” said Ecker, in a release. “Increasing the volume of business between our two financial hubs is a win-win proposition that will lead to more jobs in Toronto and more jobs in London.”
Canada’s financial sector emerged from the global financial crisis in a strong position, and Canadian financial institutions have been leveraging that strength by expanding operations overseas – and London has been a location of choice. Since 2008, Canadian banks and insurance companies have expanded their operations in The City, and several pension funds and the TMX Group have opened offices in the UK capital for the first time.