About the industry

The financial services industry is a key component of the Alberta economy. It provides knowledge-based employment to about 70,000 Albertans, manages over $100 billion in assets, facilitates over $75 billion in capital investments every year, contributes over $8.4 billion to the Alberta economy, and generates 4.7% of Alberta’s total GDP. 

Alberta is home to a significant number of financial institutions, including ATB Financial, Canadian Western Bank, the Alberta Investment Management Corporation (AIMCo), the Agriculture Financial Services Corporation (AFSC), Western Financial Group, as well as a world-caliber oil & gas finance cluster. This starting point of companies and institutions serves as a foundation for future growth for this important sector of the economy.

Sub-Sectors

  • Banking & Credit: Chequing and Savings, Lending, Financial Planning, Investment, and Insurance
  • Investment Banking: Advisory Services, Corporate Finance, Brokerage Services, Risk Management, and Compliance
  • Fund Management: Investment Research, Investment Advisory, Portfolio Management, Strategic Planning, and Supporting Operations
  • Insurance: Commercial Insurance, Personal Insurance, Pricing & Commodity, and Reinsurance.
Industry fast facts
2009

 

  • Contribution to GDP: $8.4 billion
  • Number of firms: 4,000
  • Number of employees: 70,000 
  • The financial services industry is one of the fastest growing sectors in Alberta. Between 2004 and 2009, its average annual GDP growth of 6.4% significantly outpaced the overall Alberta economy (1.8%) and Canada's financial services sector as a whole (3.7%).

     

     

     

  • The strong performance of the financial services sector in Alberta has been driven by a rapid growth in capital investment. In 2009, per capita investment in Alberta was $18,024, twice the national average of $9,174.

     

     

  • The Finance and Insurance sector contributed over $8 billion to Alberta’s economy in 2009, accounting for 4.7% of total GDP. The major income based components of GDP by industry include:
    • Wages and salaries and supplementary income;
    • Corporate profits before taxes;
    • Investment income; and
    • Capital consumption allowances.

     

     

  • The “Monetary Authorities and Depository Credit Intermediation” subsector accounted for the majority of the sector’s GDP, while the “Securities, Commodities, Funds and Other Financial Investment” subsector was the fastest growing.

     

     

  • As with GDP, employment growth in the Finance and Insurance sector was above average – with employment growing by 29% over the past decade. In 2009, about 70,000 people were employed in the Finance and Insurance sector (approx. 3.5% of total jobs in Alberta).
    • 41% were employed in the “Retail and Commercial Banking, Lending, and Processing” subsector,
    • 42% in “Wholesale Banking and Asset Management,” and
    • 17% in “Insurance.”

     

  • Alberta’s financial services industry has largely been built around servicing the transaction and financing needs of the energy sector. There are close to four times as many energy sector mergers and acquisitions (M&A) deals completed in Alberta than in any other province.

     

  • Alberta’s financial services sector accounts for a significant share of provincial employment. It comprises approximately 4,000 firms involved in a broad range of areas including:
    • Credit intermediation;
    • Security and commodity activities;
    • Brokerage and other financial investment services;
    • Funds, trusts and other financial vehicles;
    • Insurance carriers and related activities. 

Financial Statistics

  • Banking and Financial Statistics (Bank of Canada)

    The Bank of Canada’s Banking and Financial Statistics is a monthly periodical featuring banking and financial statistics for Canada.

  • Weekly Financial Statistics (Bank of Canada)

    Weekly Financial Statistics feature key banking and money market statistics, updated each Friday afternoon. 

Date Updated:
RDP-2054