Banking & Payments in Wales

Banking & Payments in Wales –
Financial & Professional Services

Banking & Payments in Wales – Financial & Professional Services
contents
Cardiff, Wales… the fastest growing
British city for financial services jobs
(source: FT)
1 Introduction
2 Wales: Key locations
and businesses
4 Wales: The facts
5 Trust and Security
7 Skills and Academia
10 Lower operating costs
12 Excellent transport links
14 Technology
16 Cardiff
17 Central Cardiff Enterprise Zone
18 Financial Support for
Investment and Skills
19 A Great Environment for
Business and Leisure
20 Case Study: Target Group

1
Introduction
Organisations must effectively manage costs to
deliver value and drive profitability and productivity.
Organisations also need excellent infrastructure and
stability in order to plan for the long-term.
Wales can offer you the skills you need, and the
environment you want at a price that is very
competitive indeed.
Wales is one of the United Kingdom’s best locations
for financial and professional business services and
the Financial Times has referred to Cardiff as being an
essential near-shoring hub for the City of London.
Wales is a major centre for financial and professional
services in the UK, and many companies have
substantial operations here, including Admiral
Insurance, Target Group, Monitise, Creditsafe,
Deloitte, TSB, Acclimatise and Lloyds Banking Group.
As part of the United Kingdom, Wales offers
businesses a politically stable and supportive business
environment, within the EU, from which to operate
and grow.
Why should Wales be at the top of your
short-list?
• Very competitive labour and commercial property
costs – up to 40% cheaper operating cost.
• There are 150,000 skilled people working in
financial and professional business services in
Wales. Source: ONS, Welsh Government and
CityUK.
• Ease of access to key decision-makers in the Welsh
Government with generous support packages
available.
• 1.9 million people of working age, 32.6% of whom
are qualified to at least degree level (NVQ4).
• With 35,000 financial and professional business
services students in Wales, there is a constant
supply of high quality graduates available. Source:
HESA and Welsh Government.
• Construction has been completed on the first
building, and others are underway, in the plan to
deliver up to a million square feet of new Grade A
offices in Cardiff and the Central Cardiff Enterprise
Zone.
• Cardiff is one of the UK’s highest rated cities for
quality of life, with areas of outstanding natural
beauty on the doorstep, international sporting
events, and one of the UK’s best retail offers.
• The European Commission’s Urban Audit also
placed Cardiff as the highest ranking UK city and
the 6th
most liveable capital city in Europe.

Banking Payments in Wales – Financial Professional Services
2
Email: financial.services@wales.gsi.gov.uk ❘ Web: wales.com/business
Major international financial and professional business
services companies and universities are established
throughout Wales, meaning that there is a wide
variety of skills and expertise available to investors.
Key locations, major businesses (with employee
numbers), transport hubs and cities are listed here.
The list below is not exhaustive and is for
reference only.
Aberystwyth
Aberystwyth University
Bangor
Bangor University
Accountis
Natwest
SecureTrading (30)
Cardiff
Cardiff Vale College – CILEx
Cardiff University
(includes Cardiff Business School)
Cardiff University – Julian
Hodge Bank Macroeconomic
Centre
Cardiff Metropolitan
University (includes Cardiff School
of Management)
University of South Wales –
Cardiff Campus
AA (230)
Acclimatise (20)
Acuity
Admiral Group (5,000)
Admiral Law (200)
Alert Logic (65)
Atradius (500)
Barclaycard (580)
Barclays (1,500)
Blake Morgan (900)
Brewin Dolphin (30)
British Gas (1,700)
Capital Law (115)
Carbon Law Partners (HQ) (50)
CGI (1,500)
Conduit (1,000)
Creditsafe Group (350)
Cunningham Lindsey (250)
Deloitte (300)
Dun Bradstreet (50)
Eversheds (536)
First Source (850)
Giles Insurance (120)
GMAC (170)
Greenaway Scott
Involegal Hugh James LLP (500)
Islamic Finance Centre (2)
KPMG (80)
Legal General (1,200)
Lloyds Banking Group (5,000)
Network Rail (1,370)
NewLaw (300)
Price Waterhouse Coopers (250)
Principality Building Society (1,300)
Protectagroup (150)
Royal Bank of Scotland (1570)
Target Group Ltd (380)
Tesco (1,000)
Welsh Health Legal Services
Zurich Financial Services (50)
Carmarthen
University of Wales,
Trinity Saint David
Ewloe
MoneySuperMarket (400)
Lampeter
University of Wales, Trinity
Saint David – Lampeter Campus
Crickhowell
Note Machine (220)
Cwmbran
Proxima Buying Team (50)
Merthyr Tydfil
Everything Everywhere (850)
Newport
Go Compare (200)
Crown Commercial Services (50)
Intellectual Property Office (850)
Office of National Statistics (1,100)
Shared Services Connected Ltd
ISSC 2 (800)
Pontypridd
University of South Wales –
main campus (includes Centre of
Excellence for Mobile Applications
and Services)
Rhyl
Sanlam (120)
Valuation Office Agency (50)
Swansea
Swansea University
arvato (150)
University of Wales Trinity
Saint David – CILEx and Law
School Swansea Campus
DVLA (5000)
ERS Ltd (250)
HPC Wales
HSBC Direct (850)
OSTC (150)
Virgin Atlantic Airways (250)
Wolfestone Legal Translation (23)
Wrexham
Glynd ^wr University
Avox (250)
Moneypenny (400)
Wales: Key locations and businesses

3
Inset
CARDIFF
TREFOREST
CWMBRAN
CRICKHOWELL
MERTHYR
TYDFIL
PONTYPRIDD
NEWPORTSWANSEA
WREXHAM
BANGOR
RHYL
EWLOE
ABERYSTWYTH
LAMPETER
CARMARTHEN
Cardiff Airport
Anglesey Airport
ANGLESEY
SNOWDONIA
EBBW VALE
HAVEN WATERWAY
CARDIFF CENTRAL
ST ATHAN-CARDIFF AIRPORT
DEESIDE
LONDON
CANARY WHARF
CARDIFF
CENTRAL from 2018,electrification will mean it is just a short 2 hours journey
Motorway
Trunk Road
Rail network
Airport
Ferry Port
Port
‘A’ area
Cardiff Capital Region
Non-predefined ‘C’ areas
Local Authority Boundary
ASSISTED AREAS 2014-2020
ENTERPRISE ZONES
© Crown Copyright and database right 2015.
Ordnance Survey 100021874
Cartographics • Welsh Government • ML/124/15.16
A4161
A48
A470
A4161
A4160
A4232
A4232
Cardiff Inset
CITY CENTRE
CastleCastle
Millennium StadiumMillennium Stadium
City HallCity Hall
CITY CENTRE
Red Dragon Centre
County Hall
National Assembly for Wales
Wales Millennium Centre
CARDIFF
BAY
Red Dragon Centre
County Hall
CARDIFF
BAY
CARDIFF CENTRAL

4
Wales’s location within the UK is an attractive location
for businesses as it offers some of the lowest staff
and property costs in the country and a devolved,
pro-business Government that makes Wales a great
location for your business.
Wales benefits from business-friendly labour
regulations, a high level of skills, and a highly
committed and productive workforce; all of which
are recognised as proven commercial assets by the
thousands of companies that have already invested in
the UK.
Wales also offers flexible financial incentives and
generous training support.
The UK is one of the leading business locations in
the world and the number 1 destination for inward
investment (FDI) in Europe (Source: UK Trade
International). In addition, the UK is rated the best
major location for ‘ease of doing business’ in Europe
according to an independent assessment by the
World Bank that considered factors such as setting
up and running a business, labour regulations and
obtaining finance.
People: Wales is home to some 3 million people,
1.94m of working age, with 372,000 of those under
25. Wales is home to eight universities and over
130,000 students.
Taxation: Like the rest of the UK, Wales has a
business-focused tax environment that will become
even more attractive over the next two years. The
current corporation tax is 20% (source: HMRC). This
compares to 33% in France, 29% in Germany and 40%
in USA in 2014 (Source: KPMG).
Business environment: Wales has the same legal
system and time zone as England, EU membership,
solid infrastructure and easy access to customers,
suppliers and partners.
Wales: The facts

5
Why Wales?
Wales is a vibrant location for Trust Security
operations, having built up a global reputation
through landmark projects conducted in collaboration
with businesses, law enforcement agencies and
academia. Wales has been recognised by the UK
Government as the prime location for both research
and development and the commercialisation of
security and defence products and services.
Wales hosts a high concentration of innovative
companies and academic expertise supporting several
areas, including: Global defence, Government, critical
national infrastructure facilities, telecommunications,
Cyber laboratories, GCHQ, CESG (Communications-
Electronics Security Group), emergency services,
counter-terror agencies, private sector and major
event security.
Specialist Companies
• Airbus
• CGI
• ITSUS
• Griffcomm
• General Dynamics,
• Logica,
• Enex Testlab
• Excelerate Technology
• Logicalis
• BT
Digital Infrastructure
Wales’ world-class digital infrastructure directly support
the ever increasing Cyber security needs of the welsh
Finance Professional Sector.
IXCardiff is a dedicated Internet Exchange Point (IXP)
for Wales; one of only six outside London. IXCardiff
is a single-node IXP built with Extreme Networks
Summit X460 Series switches. LINX, UK’s largest IXP
operator and responsible for IXCardiff, says that
IXCardiff has reduced latency, improved network
resilience and ensured faster connectivity for local
businesses.
Europe’s largest Tier 3 Data Centre, Next Generation
Data (NGD) Europe is located in Wales. NGD is able to
support High Density Environments for such power-
hungry functions as Big Data, Cloud Computing, Super
Computing and Grid Computing. Its many features
include a 180 MVA 100 per cent renewable energy
power supply connected directly to the super grid
via an on-site sub-station (can meet ever increasing
energy demands).
Skills and Talent
Wales has a rich talent pool in trust and security
related qualifications. Software Alliance Wales is a
partnership between Welsh universities and Trinity
St David Universities to support innovation and
growth amongst the ICT Sector, with Trust and
Security high on their agenda.
The Electronic and Software Technologies Network
for Wales (ESTnet), is a collaborative network where
companies create relationships, exchange knowledge
and share ideas.
Trust and Security

6
The Information Security Research Group (ISRG),
includes specialists in network security, forensics
threat. Maintaining two specialised research labs, the
group focuses on early warning systems that detect
and respond to a variety of cyber-based attacks.
The Centre for Information Operations leads in the
areas of information security, digital forensics and
cyber threat assessment. It houses training facilities
alongside specialist restricted access research labs,
where state-of-the-art equipment is used to support
diverse RD projects.
The General Dynamics UK EDGE facility (The EDGE),
is an innovative physical environment (laboratories /
workshops / meeting space etc.) for the collaboration
and experimentation between industry, academia and
government.
The Research Institute of Visual Computing (RIVIC),
is the collaborative amalgamation of research
programmes between the computer science
departments in four Welsh Universities working on
visual analytics in Trust and Security (Supported by US
Department of Homeland Security).
The Human Factors Technology Centre (HFTC)
is a multi-disciplinary research centre founded by
the Schools of Psychology, Computer Science and
Engineering. Its aim is to develop research in areas
that require collaboration between engineering and
human sciences (funded by Ministry of Defence).
Fusion is a programme run by South Wales Police
and the Home Office to look at new levels of policing
and security measures via the use of tools such as
Predictive Data Analytics.
Case Study: University of South Wales –
BSc (Hons) Computer Science
This degree has a practical emphasis to prepare
individuals for a career in computer security.
Helping them understand how computer systems
are designed and secured, and learn how to
protect them against all kinds of attacks.
The University is recognised as a Centre of
Excellence for information security and computer
forensics by the Association of Chief Police
Officers (ACPO), accredited by BCS, The Chartered
Institute for IT.

7
With eight universities and 14 Further Education
Colleges, Wales has over 130,000 undergraduate and
postgraduate students, 35,000 of whom are studying
financial and professional services and related
disciplines. This means that excellent homegrown
talent is available, in addition to the many hundreds of
thousands studying at universities in the rest of the UK.
Universities in Wales work closely with business and
industry experts to develop the required skills and
innovative new products for global and domestic
markets.
In September 2011, Bangor University became the
first Welsh university to open a campus in London.
Located in the heart of the bustling financial district,
the Bangor Business School London Centre offers a
suite of the School’s innovative MBA, MA and MSc
programmes to students and executives who wish
to combine the London experience with Bangor’s
academic expertise.
Wales is home to three Thomson Reuter Trading Floor
Training Centres producing some 300 graduates per
year. The Centres are located at University of South
Wales (60 seat centre), Cardiff University (60 seat
centre) and Swansea University (18 Seat centre).
Skills and Academia
Postgraduate Undergraduate TOTAL
Aberystwyth University 1,795 9,910 11,705
Bangor University 2,820 8,435 11,255
Cardiff Metropolitan University
(including Cardiff School of Management)
4,600 8,410 13,005
Cardiff University 7,135 20,610 27,745
Glyndwr University 1,415 8,120 9,535
Swansea University 2,415 12,355 14,770
University of Wales, Trinity Saint David 2,200 9,790 11,990
University of South Wales 5,775 25,405 31,180
TOTAL 28,155 103,035 131,185
Source: Welsh Government statistics, Academic Year 2011/12
Case Study: Bangor Business School
Bangor Business School at Bangor University
has been rated no.1 in the UK for the quality
of research conducted by staff in the field of
Accounting and Finance in the UK’s Resource
Assessment Exercise. It offers the Chartered
Banker MBA , which allows learners to gain the
dual award of a MBA in Banking and Finance
and ‘Chartered Banker’ status, awarded by the
Chartered Banker Institute. ‘Chartered Banker’
is the highest professional award available to
bankers across the world.
In April 2014, Bangor Business School ranked
14th in the world for Banking research, according
to the latest RePEc ranking, ahead of the likes of
Princeton University, Cass Business School and
Oxford University.
Compiled on a monthly basis, The RePEc (Reseach
Papers in Economics) survey considers research
and publications by banks, economists and other
monetary organisations, as well as universities
such as Bangor. In the April 2014 table, the
bibliographical data, citations and popularity data
of 1,565 institutions were analysed.

Central Rail Station
Central Bus Station
Café Quarter
St. David’s 2
John Lewis
New Footbridge
500 Space Car Park
University of SouthWales
Queen Street Rail Station
Novotel Hotel Gym
Radisson Hotel
Millennium Stadium
New Admiral HQ
Motorpoint Arena
ETAP Hotel
Number 1 Capital Quarter
Eversheds
ING
Maldron Hotel
Castle
Civic Centre
Callaghan Square
British Gas
Capital Law
5
3
19
17
18
22
2
12
1
23 11
P
P
P
P
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
FUTURE DEVELOPMENT
To Cardiff Bay
16
8
2410
15
Prime Rent £psf Rates £psf Service Charge TOTAL
Cardiff 22 8 5 35
Leeds 25 10 5.5 40.5
Bristol 26.5 10 5 41.5
Glasgow 27 11 6 44
Birmingham (City centre) 28.5 10.75 6 45.25
Manchester 30 10 6 46
Edinburgh 29.5 11.5 6 47
London (Docklands) 37.5 16 9 62.5
London (City) 58.5 19 9 86.5
Source: BNP Paribas UK Total Occupancy costs – January 2014. Provides high level view of
rents, rates and service charges for Grade A offices. Research carried out in January 2014.

SAT NAV: CF10 4BZCineworld Cinema
Brookfield Utilities UK
Car Parks
1325
4
20
21
9
8
7
6
14
P
P
P
P
P
25
26
P
To Cardiff Bay
M4 Motorway
To M4 Junction 29
VIRIDIS REAL ESTATE
TRAVEL TIMES
By foot:
Cardiff Central 6-9 minutes
Queen Street 6-9 minutes
City Centre 5-6 minutes
Cardiff Bay 12 minutes
By Bus:
Regular service on the Cardiff Bus
City Circle Routes 1 2.
26
9
© Martin Hopkins – www.martinhopkins.co.uk

10
Average Salary (£) in Selected Roles
Wales UK London South
East
South
West
Scotland West
Midlands
North
West
Personal Assistant
17,453 –
27,074
19,500 –
30,250
25,155 –
39,023
20,670 –
32,065
17,999 –
27,921
19,188 –
29,766
18,096 –
28,072
18,116 –
28,102
Receptionist
12,306 –
18,348
13,750 –
20,500
17,738 –
26,445
14,575 –
21,730
12,692 –
18,922
13,530 –
20,172
12,760 –
19,024
12,774 –
19,045
HR Officer
21,033 –
29,088
23,500 –
32,500
30,315 –
41,925
24,910 –
34,450
21,691 –
29,998
23,124 –
31,980
21,808 –
30,160
21,832 –
30,193
Customer
Helpdesk
14,096 –
17,676
15,750 –
19,750
20,318 –
25,478
16,695 –
20,935
14,538 –
18,230
15,498 –
19,434
14,616 –
18,328
14,632 –
18,348
Assistant
Accountant
19,914 –
27,967
22,250 –
31,250
28,703 –
40,313
23,585 –
33,125
20,537 –
28,844
21,894 –
30,750
20,648 –
29,000
20,670 –
29,031
Payroll Manager
26,179 –
35,800
29,250 –
40,000
37,733 –
51,600
31,005 –
42,400
26,998 –
36,920
28,782 –
39,360
27,144 –
31,720
27,173 –
37,160
IT Systems
Administrator
33,115 –
38,261
37,000 –
42,750
47,730 –
55,148
39,220 –
45,315
34,151 –
39,458
36,408 –
42,066
34,336 –
39,672
34,373 –
39,715
Source: Robert Half Salary Guides 2014
Lower operating costs
Wales offers excellent talent and some
of the most competitive salary and
property costs in the United Kingdom.
Wales can supply the excellence you need at very
competitive costs, in comparison to other UK
locations.
The median salary in Wales’ capital, Cardiff (£21,023),
is considerably lower than in London (£29,826) and
lower than the majority of UK core cities (Source:
ONS, ASHE 2013). The average Graduate salary
in Wales (£24,250) is also lower than the London
(£28,500) and UK (£26,500) average (Source: AGR
Graduate Recruitment Survey 2013).
In addition, recent research by the Income Data
Services 2013 shows that staff attrition rates in Wales
can be half those in the rest of the UK.
Wales offers substantial savings compared to other
UK cities, for example:
“Legal General have been able to keep
our costs under control because of our
operation in Wales.”
Nigel Wilson,
Group CEO, Legal General

11
Property
If you want to significantly reduce your costs, Wales
also offers excellent and value for money property
solutions, even for Grade A offices.
Prime Rent £psf Rates £psf Service Charge TOTAL
Cardiff 22 8 5 35
Leeds 25 10 5.5 40.5
Bristol 26.5 10 5 41.5
Glasgow 27 11 6 44
Birmingham (City centre) 28.5 10.75 6 45.25
Manchester 30 10 6 46
Edinburgh 29.5 11.5 6 47
London (Docklands) 37.5 16 9 62.5
London (City) 58.5 19 9 86.5
Source: BNP Paribas UK Total Occupancy costs – January 2014. Provides high level view of rents, rates and
service charges for Grade A offices. Research carried out in January 2014.
Grade ‘A’ occupancy costs
are as little as
of Central
London
costs
60%
Cardiff
cost
Additional
London
cost}
Source: BNP Paribas Real Estate, 2014
Please use our useful Savings Calculator to check
out how much you can save your company: http://
business.wales.gov.uk/zones/financial-professional-
services/cost/savings-calculator

12
Excellent transport links
Transport links and communications are key to any business
Wales offers excellent access to your clients
throughout the United Kingdom and beyond via
efficient road, rail and air networks.
Motorway connections and easy access ensure that
Wales can be your gateway to the rest of the UK.
Cardiff is two and a half hours west of London on the
M4 corridor offering easy access to the UK capital
and Heathrow Airport can be reached in the same
time, with direct flights to hundreds of destinations.
Cardiff is approximately two hours from London
Paddington by train, giving fast access to locations in
the City and other key London locations.
From 2018, the journey time between Cardiff
and Canary Wharf will be just 2 hours, following
a £1.5billion investment in improvements to the
rail network. South Wales will have a direct rail
connection to Heathrow airport by 2021.
North Wales provides an easy commute and
connectivity to major financial cities based in the
North of England such as Manchester and Liverpool.
From Wrexham it is a 53 mile (75 minute) drive to the
centre of Manchester, and less than a 40 mile (under
an hour) drive to the centre of Liverpool.
Wales also benefits from excellent local transport
infrastructure – for example, Cardiff has 75 stations
on its regional rail network. During 2012 (most recent
publicly available figures), 66 trains arrived in Cardiff
each weekday morning before 10am on the local
commuter lines and an average of 20,697 people a
day travelled into Cardiff’s two most central stations
every weekday. This helps to deliver a mobile and
flexible workforce to wherever you locate your
business.
Inset
CARDIFF
TREFOREST
CWMBRAN
CRICKHOWELL
MERTHYR
TYDFIL
PONTYPRIDD
NEWPORTSWANSEA
WREXHAM
BANGOR
RHYL
EWLOE
ABERYSTWYTH
LAMPETER
CARMARTHEN
Cardiff Airport
Anglesey Airport
ANGLESEY
SNOWDONIA
EBBW VALE
HAVEN WATERWAY
CARDIFF CENTRAL
DEESIDE
LONDON
CANARY WHARF
CARDIFF
Motorway
Trunk Road
Rail network
Airport
Ferry Port
Port
‘A’ area
ENTERPRISE ZONES
A4161
A48
A470
A4161
A4160
A4232
A4232
Cardiff Inset
CITY CENTRE
CastleCastle
City HallCity Hall
CITY CENTRE
Red Dragon Centre
County Hall
CARDIFF
BAY
Red Dragon Centre
County Hall
CARDIFF
BAY
CARDIFF CENTRAL

13
Drive Time Populations
People living within easy commute – see table.
City Population Working Age Working Age
+ 30 Minutes
Working Age
+ 45 Minutes
Cardiff 336,200 231,700 1,020,500 1,975,800
Newport* 140,400 88,500 1,660,400 2,560,600
Swansea 230,300 149,300 739,800 1,172,000
* These statistics include neighbouring English counties, including the city of Bristol.
Air
Cardiff International Airport, just a 25 minute
drive from the centre of Cardiff, offers a wide
and expanding range of domestic, European
and worldwide services including over 50 direct
destinations, and over 400 worldwide connecting
flights. Destinations include Paris, Amsterdam and
Dublin which offer onward, connecting, flights. The
airport has recently been acquired by the Welsh
Government, as part of its commitment to improving
the infrastructure for Wales.
Average Rail Travel Times
(Pre Electrification)
From Cardiff To:
London (Paddington) 2hrs 7mins
London (Canary Wharf) 2hrs 17mins
Bristol 48mins
Newport 13mins
Swansea 54mins
Birmingham 2hrs
From Wrexham To:
Chester 20mins
Manchester 1hr 55mins
Liverpool 1hr 25mins
Birmingham 1hr 42mins
Average Rail Travel Times
*(Post Electrification – 2017/18)
From Cardiff To:
London (Paddington) 1hr 52mins
London (Canary Wharf) 2hrs
Bristol 41mins
Newport 11mins
Swansea 45mins
Birmingham 2hrs
Source: National Rail. *Based on 16% reduction in
journey times
Inset
CARDIFF
TREFOREST
CWMBRAN
CRICKHOWELL
MERTHYR
TYDFIL
PONTYPRIDD
NEWPORTSWANSEA
WREXHAM
BANGOR
RHYL
EWLOE
ABERYSTWYTH
LAMPETER
CARMARTHEN
Cardiff Airport
Anglesey Airport
ANGLESEY
SNOWDONIA
EBBW VALE
HAVEN WATERWAY
CARDIFF CENTRAL
DEESIDE
LONDON
CANARY WHARF
CARDIFF
Motorway
Trunk Road
Rail network
Airport
Ferry Port
Port
‘A’ area
ENTERPRISE ZONES
A4161
A48
A470
A4161
A4160
A4232
A4232
Cardiff Inset
CITY CENTRE
CastleCastle
City HallCity Hall
CITY CENTRE
Red Dragon Centre
County Hall
CARDIFF
BAY
Red Dragon Centre
County Hall
CARDIFF
BAY
CARDIFF CENTRAL

14
Technology
Wales is at the forefront of ICT developments within
the UK. Businesses in Wales enjoy the advantages of:
• Advanced networks
• An internet exchange in Cardiff
• World-leading wireless broadband in Cardiff
• Next Generation Data (NGD) Europe – Europe’s
largest Tier 3 Data Centre
The Welsh Government is committed to delivering
world class business infrastructure. By mid 2016, all
businesses in Wales will have access to Europe’s
fastest Next Generation Broadband, offering speeds
up to 80Mbps. Cardiff is a super-connected City
benefitting from 80 – 100 Mbps broadband speed.
Furthermore, Cardiff was one of the first cities’ in the
UK to benefit from having 4G mobile data and an
open air public WiFi network.

15
In addition, a new internet exchange is located in
Cardiff’s Enterprise Zone, allowing businesses in south
Wales to benefit from reduced latencies and possibly
from reduced transit costs.
One of Europe’s largest and most technically
advanced ‘green’ data-centres is located in a Welsh
Government owned building in Newport, 10 miles
from the centre of Cardiff. With a £200 million
investment, Next Generation Data Centre (NGD) has
created a market leading operation which is carrier
neutral, has interconnect points for several major
carriers and provides direct international connectivity
to the US and the rest of the world. Cardiff is also
home to a BT data centre which was purpose-built to
support BT’s hosting and managed service options.
The site hosts an estimated 12,000 servers.
Global technology giant Fujitsu has partnered
Universities in Wales to create a £40 million high
performance computing network that is unique to
the UK. High Performance Computing (HPC) Wales
provides businesses and researchers access to world-
class, secure and easy to use high performance
computing technology.
“We are developing technology which
tackles what is universally recognised
as a global health problem of epidemic
proportions. Obviously, access to
the very best technology that high
performance computer can offer is a
major boost for a business like ours”
Kevin Fernquest,
Managing Director, Calon Cardio-Technology Ltd
(Developers of the next generation of implantable
micro-pumps for the treatment of heart failure)
High Performance Computing, Big Data and
Financial Professional Services
The growth of data and information is making
high performance computing ever more relevant
to financial and professional organisations.
HPC Wales can help turn data into information
to inform business behaviour and enhance
profitability. It can also help organisations such as
banks and accountancy firms carry out financial
forecasting and model customer behaviour,
helping to predict future trends.
With the installation of Apache Hadoop, a
framework for storage and large scale processing
of data sets on clusters, HPC are able to provide
businesses of all sizes with a powerful analytics
tool to help them interpret large and complex
datasets, rapidly turning large volumes of
structured and unstructured data into meaningful
information.
The Big Data solution can be used for anything
from predictive analytics, social media analytics
and text analytics to disease detection, prevention
and treatment; financial modeling and smart
energy metering.
With 17,000 computer cores and a peak
processing performance of almost 320 TFlops, the
HPC Wales’ supercomputing network is capable
of running 320 trillion operations per second.
This processing power combined with access to
sophisticated software packages, like Hadoop and
R analytics, mean businesses in Wales can harness
the potential of supercomputing for the analysis
of Big Data.

16
Cardiff
Cardiff has grown from its roots as one of the world’s
biggest shipping ports, to become the UK’s fastest
growing location for financial and business services.
Cardiff prides itself on three key values: Service,
Commitment and Delivery. By delivering best in
class service levels and a commitment to strive
for perfection, Cardiff has a history of delivering
success, be it in helping Admiral Insurance to grow
from a small enterprise to a FTSE 100 multinational
company, or convincing British Gas and Tesco to host
UK-wide Customer Service operations here.
In Cardiff you’ll never be far from success.
Why should I shortlist Cardiff?
• It is already a strategic location for many
businesses operating out of London and Wales
is a key UK partner, shares a legal and regulatory
system with England, enjoys EU membership,
a secure environment, and easy access to
customers, suppliers and partners.
• It offers skills comparable with that in London’s
financial districts but comparable positions in
Cardiff are up to 40% lower than London. (Source:
PNB Paribas Real Estate 2014/ONS Annual Survey
of Hours and Earnings 2013).
• It offers Grade A office occupancy costs up to
60% cheaper than prime sites in central London
from c£35 per square foot including rent, rates and
service charge.
• It is the best city in the UK for workforce loyalty
with turnover averages at c5% compared to our
next closest rival at c12% (source; Income Data
Services, 2013).
• Based on occupancy cost alone Cardiff can
provide annual savings of £2 million for a 50,000
square foot office, use our useful Savings
Calculator to check out how much you can save
your company: http://business.wales.gov.uk/
zones/financial-professionalservices/cost/savings-
calculator
• Current access to almost 2 million people of
working age all within a 45 minute commute from
the city centre.
• 40,000 people (12% of the city population)
employed in financial and business services.
• 70,000 students are enrolled in the city’s three
universities, delivering 25,000 graduates each
year in subjects such as Accounting, Banking,
Economics and Law.
• It has one of Europe’s largest and most advanced
data-centres on its doorstep and is also home to a
BT data centre with 12,000 servers.
• A £1bn programme of rail improvements means
Cardiff will be under 2 hours from London in 2018
and will have a direct connection to Heathrow
airport by 2021.
• It is cheaper than London, Edinburgh or Belfast for
the cost of living.
• Much of Wales is covered by Assisted Area
status, as seen on page 3, meaning that eligible
companies relocating to Wales could have the
benefit of financial support to for fund capital
investment, job creation, research, development
and innovation and certain eligible revenue
projects.
Capital city, operational savings, attractive lifestyle choices
and home to a business friendly devolved government.

17
Central Cardiff Enterprise Zone
Cardiff’s Enterprise Zone status is attracting major
investment in infrastructure to see it become a
leading business location, including:
• Much of the Enterprise Zone is covered by
Assisted Area status. Toidentify the Tier status
of a location, please see this map http://www.
ukassistedareasmap.com/
• £15m Welsh Government investment to acquire
80,000sqft of Grade A office space. No. 1 Capital
Quarter, opened in June 2014, helps improves the
availability of Grade A space in the city.
• No. 2 Capital Quarter near completion (due winter
2015), adding a further 85,077sqft
• Investment in new electricity supplies and
infrastructure, together with data storage capacity
to meet the future needs of businesses in the
zone.
Each business will be allocated a dedicated point of
contact to be introduced to the unrivalled package of
support available through the Welsh Government.
The Enterprise Zone will build on Cardiff’s reputation
as the fastest growing city in the UK for financial
services.
Find out more at
centralcardiffenterprisezone.wales.gov.uk
Central Cardiff Enterprise Zone (CCEZ) is a new 140-acre business district at
the heart of the city centre.

18
Financial and training support
If you’re considering an investment that will result
in the creation or safeguarding of jobs in Wales,
you may be eligible for support from the Welsh
Government.
Businesses can apply to our funding schemes for
support, subject to meeting a number of criteria
including the size of your organisation and location
of the project.
From 1 July 2014 changes to European Union rules
mean investment projects by large businesses (which
are not small or medium sized enterprises*
) will only
be eligible if the project involves “new activity” or
projects which involve diversification at an existing
location.
For further information about support, including
training support, please contact us at
financial.services@wales.gsi.gov.uk
*
As defined in the linked document:
http://ec.europa.eu/enterprise/policies/sme/facts-
figures-analysis/sme-definition/index_en.htm

19
A great environment for business
and leisure
Wales delivers all of the quality of life you would
expect and at a very competitive cost.
Wales has an area of approximately 21,000km2
–
meaning plenty of space for you to explore, from
300km of beautiful coastline to rugged mountains.
We’ve got over 600 castles in Wales, including
Caerphilly castle, one of the largest castles in Europe,
and Caernarfon Castle, one of Europe’s great
medieval fortresses.
In Wales, you can enjoy major events, from
international sport such as the Ryder Cup, and
international rugby to international arts festivals such
as Artes Mundi and opera at the Millennium Centre.
Wales also has a Premiership football team.
The average “all property” price in Wales is
significantly lower than the average in England
or Scotland and the average price for a detached
house in Wales is £245,000 – below that in England
or Scotland. (Source: Office for National Statistics,
House Price Index, March 2013)
Housing stock in Wales is wide and varied from city
centre Victorian terraces to ultra-modern waterfront
developments to hilltop farms.
The capital city of Wales, Cardiff, is one of the UK’s
highest rated cities for quality of life, and its rapidly
changing skyline reflects its spectacular economic
growth over the last 10 years. Cardiff offers a unique
and inspiring mixture of urban vibrancy, water side
living and country relaxation, with breathtaking
mountains and beaches just a few miles away. With a
range of housing and education options, Cardiff is a
cosmopolitan and bustling city and described as the
‘epitome of cool’ in the Lonely Planet travel guide.
Cardiff, offers:
• A top 5 UK shopping city
• 19 million visitors each year
• International sporting events at the Millennium
Stadium
• The Wales Millennium Centre – the base for Welsh
National Opera, one of the UK’s most visited
cultural attractions outside of London
• More green space per head than any other UK city
• Less than 45 minutes from a National Park and in
close proximity to some of the UK’s best beaches
• Cardiff International Sports Village – a £1.2 billion
landmark project with an international swimming
pool and an Olympic standard canoeing and white
water centre, and a multi purpose arena supported
by hotels, bars restaurants, retail and residential
areas
“Cardiff is the epitome of cool.”
Lonely Planet

20
Located right next door to a
world-famous rugby stadium,
financial software and outsourcing
specialists, Target Group, know
what the limelight is all about.
But it’s behind the scenes that this Cardiff-
headquartered enterprise has made its name
internationally over the past 30 years; powering the
back-office operations of many leading global banks
and financial institutions.
Target’s software and outsourced teams help these
big names to manage loan, mortgage, investment and
insurance portfolios totalling many billions of pounds.
Its client list reads like a financial ‘Who’s Who’, with
names such as Barclays, Bank of America Merrill
Lynch, Santander, Morgan Stanley and Credit Suisse
among the leading institutions it supports.
Target’s business is going from strength to strength,
with many clients seeking new ways to improve
efficiency. Its outsourced loan and investment
servicing operation in Newport, which opened in
2008, has taken the firm’s workforce in South Wales
up to nearly 400.
Add to that its thriving offices in Australia and New
Zealand, and clearly this business is making its mark.
This was underlined by its recent inclusion as ‘one
to watch’ in The Sunday Times 2010 Tech Track
100 league table of fast-growing private technology
companies and in the Daily Telegraph’s 2011 1000
brightest private companies, set to be the foundation
of the UK’s recovery
Case Study: Target Group
Turnover has risen from £11m to nearly £30m in
only five years and Group Managing Director, James
Rudolf, believes the rate of growth will accelerate as
their expanded service and growing market credibility
allows them to bid for much larger contracts.
Target has found Wales to be a very healthy
environment for growth. It recruits high-calibre IT
and finance specialists locally, and has worked closely
with the Welsh Government over many years to
develop its business.
This support includes government loans to aid
job creation in Newport, support to develop new
technology, help to analyse the potential of export
markets and funding for the development and
training of its highly-skilled staff.
According to James, the ability to find and retain the
right staff is strongly linked to the training support on
offer in Wales’ growing financial services sector and
to the excellent quality of life in South Wales.
“Cardiff has everything you need from a city. It is a
good size so you can do business quite easily within
the city and you’ve got ready access to the rest of
the UK,” said the 37-year old who began his career in
London’s Canary Wharf financial hub.
As a father of four boys, he also appreciates the
wealth of outdoor activity available in and around the
Welsh capital, including visits to the iconic Millennium
Stadium next door.

To find out more contact the Welsh Government:
Email: financial.services@wales.gsi.gov.uk
Tel: +44 (0)3000 6 03000
Web: wales.com/business
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Digital ISBN 978 1 4734 2377 0
© Crown copyright 2015
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Banking & Payments in Wales

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