Home Market & investments banking Paris financial marketplace The "Finance Innovation" cluster is born  


03 january 2008

The "Finance Innovation" cluster is born

The FBF welcomes the government's decision to grant cluster status to "Finance Innovation" at the 5 July meeting of the CIACT, the inter-ministerial committee charged with promoting economic development and competitiveness.


This decision is of major importance to Paris banks and financial institutions, since it officially acknowledges that investment banking and capital markets is a high value-added industry that plays a key role in ensuring economic strength and competitiveness.

The financial sector already makes a substantial contribution to French economic growth and finances a steadily increasing share of business activity. Accounting for 4.5% of GDP and 700,000 jobs, it is fundamental to economic growth.

In the Ile-de-France region, the financial services industry accounts for 15% of GDP. Investment banking and capital markets employ directly some 28,000 people and indirectly many others in such related high value-added professions as consultancy, law and accounting. The new "Finance Innovation"

cluster can do much to strengthen this industry so critical to economic development and maintain decision-making centres in France.

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