A senior Scottish banker has picked out Dundee as a future investment hot spot on the back of the £1 billion waterfront transformation project.
Alasdair Gardner, regional managing director Scotland for Bank of Scotland’s commercial banking operation, said the £45 million V&A Dundee design museum project was a watershed moment for the city.
The interjection came as Duport’s latest business confidence report showed 227 new companies were formed in the city in the first quarter of this year, a 6.1% increase on 2013 and the highest figure on record.
However, there was also a 10% rise in the number of firms going to the wall in the quarter, with 143 business going out of existence.
Mr Gardner — who was born and raised in Dundee and attended Grove Academy in Broughty Ferry — said BoS anticipated a sustained upturn in the city and had moved to bolster its commercial presence in the city as a result.
The Edinburgh-based banker said it was clear his hometown had moved up the investment agenda, and firms that had never previously contemplated setting up in the city were now examining options.
“While growth in Scotland is being seen right across the country it is particularly evident here in Dundee, with the £1bn waterfront redevelopment transforming the city,” Mr Gardner said.
“When complete, and with the addition of the V&A museum, projections show the city can expect hundreds of thousands of new visitors which will create a market for more retail and leisure facilities in the city and provide even more jobs,” Mr Gardner said.
“I am keen that Bank of Scotland plays its part in supporting these developments, and we are actively seeking opportunities to invest in the revitalised Dundee.”
Mr Gardner was speaking as he revealed a rise in the bank’s lending to small and medium-sized businesses in the first half of the year. The bank said it had extended a total of £3.9bn of loans to SMEs in the six months to June.
A breakdown of figures for lending in Tayside and Fife and other Scottish regions was not forthcoming for reasons of commercial sensitivity.
Mr Gardner said the bank’s lending statistics were further proof confidence is returning to the economy north of the border.
“In real terms this has resulted in an additional £211m being invested in businesses across Scotland,” he said.
“This new sense of optimism is causing businesses to look at growth and investment opportunities and, as a result, demand for bank lending has significantly increased over the last 12 months.
“We have invested in our teams to ensure we have specialists on the ground across the country who have time to spend time with clients to allow us to understand their business and needs to allow us to help them deliver on their growth agendas.
“With dedicated Scottish-based credit teams we can make decisions reflecting local nuances and, with a strong balance sheet, Bank of Scotland is well placed to invest in the continuing economic growth.”
