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Financial services companies in Scotland must grasp new opportunities in growth markets across the world and in growth industries such as renewable energy, John Swinney said today.

The Finance Secretary was speaking as the Financial Services Advisory Board published its sixth Annual Report for last year.

Highlights of the report include:

• Funding by the SG through its skills support package, ScotAction, enabled new Modern Apprenticeships for Scotland's financial and business services sector. Employees from a range of financial services companies have taken up 547 places across a range of frameworks including Customer Services; Retail Financial Services, Business Administration and Management.

• Major successes this year have included Barclays Wealth's decision to create a further 600 roles in its facility in Glasgow, where it will create a shared service hub for its Capital and Wealth businesses and Virgin Money, which has confirmed Edinburgh as the location of its headquarter operations. This latter investment will take employment to over 200 in the city.

• In March 2011, the Scottish Government published its new Digital Strategy, setting out how it will ensure Scotland is best placed to make the most of the digital revolution and the associated benefits this will bring across the Scottish economy and for industries like Financial Services.

Mr Swinney said:

"Scotland's Financial Services industry has faced some challenging times.

"But there is much to be positive about and some fantastic new opportunities for the industry to exploit.

"With new players moving into the banking market, Scotland is continuing to prove an extremely attractive place to locate and invest, as the announcements by Barclay's Wealth and Virgin Money demonstrate.

"Going forward, we have set out a growth strategy in our economic recovery plan which focuses on supporting growth companies, building up growth industries and helping Scottish companies expand into growth markets.

"And in this respect there are new and exciting challenges and opportunities for our financial services industry.

"For example, the beginning of 2011 demonstrated the synergy between the newly developing economies abroad and the Scottish economy - among the very first to industrialise but now with new horizons offered by renewable energy - as the Scottish Government hosted the highest level delegation ever to Scotland from China, which focused on our renewable energy sector.

"As our renewables expands rapidly and as we look to grow into market like China, the demand for the products and services provided by financial services in Scotland will no doubt grow accordingly. The Scottish Government is determined to help the financial services industry to meet those challenges and benefit from those changes.

"For us to maximise our effectiveness in that support, it is crucial that the views of people in the industry, and those who make use of the services and products provided by the industry, are heard and understood. The collaborative effort which is represented by the FiSAB partnership is at the heart of our ability to respond to the changes in business and regulatory structures which we face.

"Today's annual report emphasises that point. It demonstrates the success of the last year and how we will move forward together to deliver even more substantial achievements in the future."

Mark Tennant, Chairman, Scottish Financial Enterprise and FiSAB Industry Deputy Chair, said:

"This year has continued to be a period of great change and challenge for the Financial Services Industry and that will persist for some time. As we work our way through the changes in our industry, we must not lose sight of the fact that Scotland's standing as an international financial centre remains strong and we must capitalise on this to make the most of opportunities in the new economic climate.

"FiSAB has continued to bring together all those who can contribute to the continuing success of the financial services industry in Scotland, both at home and internationally. Above all, ensuring we have the right people with the right skills is at the core of making our industry successful. Therefore, I am particularly pleased we can report on significant developments and future plans for the Financial Services Skills Gateway which has been set up to ensure that the demand signals from our expanding business needs reach those responsible for their provision.

"Looking ahead we cannot downplay the enormous impact new regulation, in particular from Europe, will have on our industry. We need to be prepared for these changes and ready to make the most of them, as there will be opportunities for the industry particularly in asset management and servicing, areas where Scotland is already strong and seeing considerable growth.

"FiSAB will continue to act as the focal point at which the Scottish Government and senior members of Scotland's second largest industry can meet to discuss and influence issues which affect financial services both in Scotland and the UK."