Sydney's position as a leading global professional services hub was confirmed today with Deputy Premier and Minister for Trade and Investment Andrew Stoner announcing that the harbour city will host the largest and most influential financial conference in the world, Sibos 2018.
"With 74 per cent of Australia's finance and insurance industry based in NSW, we are thrilled to host financial leaders from around the world in Sydney in 2018," Mr Stoner said.
"Securing Sibos will see 6,000 visitors to Sydney and a $50.7 million boost to the NSW economy.
"Visitors to Sydney for Sibos 2018 will meet in the new $1.1 billion world-class convention facilities at Darling Harbour and explore Sydney's new financial district at Barangaroo.
"Without the new convention, exhibition and entertainment facilities we are building at Darling Harbour, Sydney would not have been able to host Sibos."
Sibos has been held in Sydney twice before, but outgrew the capacity of the former Sydney Convention and Exhibition Centre in 2006 and has not been able to return since.
The International Convention Centre (ICC) Sydney, part of the 20-hectre Darling Harbour redevelopment, will be Australia's largest convention and exhibition facility and is set to be completed in late 2016.
This is the 13th event to be secured for the new ICC Sydney, and brings the combined estimated economic impact of this business to the state to more than A$124 million.
Alain Raes, Chief Executive, APAC & EMEA, SWIFT, said Sydney was truly a financial hub in the Asia-Pacific region.
"The investment into the financial industry is apparent and Sydney has a global reputation as a city that delivers above and beyond already high expectations."
Sven Bossu, Head of Sibos at SWIFT added, "Business Events Sydney (BESydney) was instrumental in outlining what Sibos 2018 could achieve in Sydney. The team presented a highly coordinated city bid involving the government, the financial industry and the local community. We are pleased to bring Sibos back to the harbour city and look forward to working with the local community to deliver another high-quality Sibos event in the region."
The local banking sector, which actively supppported the city's efforts to secure Sibos, pointed to benefits that the event would bring to the harbour city.
"As a key member bank of SWIFT with significant presence at Sibos both as exhibitors and a speaker over many years, Westpac understands the importance of this event to Australia's dynamic banking sector and is delighted to welcome Sibos back to Sydney in 2018," Mrs Gail Kelly, CEO of Westpac said.
"Sydney's position as a key financial centre in the Asia Pacific continues to grow, spurred by major government investments into key infrastructure, such as the $6 billion Barangaroo development, and the Australian industry's commitment to retaining one of the world's most stable banking sectors."
Senior Managing Director, ANZ Banking Group Ltd and Chairman, NSW Export Investment Advisory Panel The Hon. Warwick Smith AM added, "Sibos is the world's most influential financial services event. It's where the global financial community gathers to debate and collaborate on the future of the industry, so it's an incredible honour to welcome it back to our shores for the third time. This is Australia's opportunity to shine and to play a key part in shaping that future.
"Sydney is well-suited to host Sibos. The city is home to 59 of the 63 banks that operate in Australia as well as the country's key financial regulatory bodies. Australia's banking sector is recognised as one of the strongest in the world and our local community stands to benefit greatly from hosting this event. Sibos is unparalleled in its reach of the global financial industry and I think its decision to come to Australia is recognition of our leadership in the region."
BESydney CEO Lyn Lewis-Smith said ICC Sydney was cementing Sydney's future as a leading global business event destination.
"Sydney is Australia's favourite business destination and among the world's top 20 business event locations as ranked by the International Congress and Convention Association (ICCA) and Union of International Associations (UIA).
"Securing an event of the size and scale of Sibos for ICC Sydney, in addition to the 12 other events already confirmed for the new venue, demonstrates the high level of global confidence and trust in Sydney as a reliable place to do business.
"The NSW Government has made its commitment to the business event industry very clear and I'm proud to have been part of this amazing win for the city and for the new convention centre. The entire city pulled together for this bid - the local financial industry and our government and private sector partners all played a key part in the win."
Sibos 2014 takes place in Boston on 29 September - 2 October. Future Sibos venues include Singapore in 2015, Geneva in 2016 and Toronto in 2017.