OVERSEAS financial services firms are being encouraged to invest in Yorkshire.

A Government-led initiative is using the region's strong financial services heritage to promote it as an ideal investment destination to foreign firms.

UK Trade & Investment, the Government’s international business development department, has launched s Yorkshire as part of the Financial Centres of Excellence initiative.

The initiative, supported by local financial services businesses, local enterprise partnerships and financial services body, TheCityUK, will encourage potential investors to look further than the City of London and think of establishing offices in Yorkshire.

Northern Powerhouse minister James Wharton said: “The financial services sector in the UK goes far beyond London and has a powerful presence in the North of England as well. This initiative is a great way of promoting the fantastic advantages of Yorkshire to financial services companies throughout the world.

“We will continue to work with local leaders and the business community to make the Northern Powerhouse even more of a magnet to the financial services sector.”

Financial and professional services employ more than 400,000 people in Yorkshire and contributes more than £14 billion to the economy.The sector is forecast to grow by up to 21 per cent by 2022.

More than 30 national and international banks have a presence in Yorkshire which is also home to three of the five largest building societies - the Bradford-based Yorkshire; the Skipton and the Leeds which manage combined assets of £60 billion.

Roger Marsh, chairman of Leeds City Region Enterprise Partnership, said: “As a strong UK financial centre, Leeds City Region is a prime location for potential investors across the financial sector to consider, as proven by the wide range of global companies we have attracted here.

"From global banks to financial technology firms, companies are taking advantage of our cost-effective access to the right skills, infrastructure and business networks, and we intend to use the title awarded to us by UKTI to build our reputation further in key international markets.”

Keith Loudon, senior partner at Leeds-based stockbroking firm Redmayne-Bentley, which provides the Telegraph & Argus shares information, said: “I am delighted that James Wharton has acknowledged that financial services go far beyond London. I totally support the campaign to promote Yorkshire financial services to the widest audience. Too often we are forgotten or neglected.

“We are confident that Yorkshire financial services will continue to expand and prosper.”

Mark Robson, UKTI regional director, said: “I am delighted that we can launch this new drive between UKTI’s global network of specialists and our partners to promote the region to new international companies.”