Lille, the drab French town up near the Belgian border, is not the most obvious candidate for the new financial powerhouse in continental Europe. But one firm has decided to headquarter its entire global investment banking business in the town rather than in Paris, London or New York. At least psychologically.

SG, which has just launched a new investment banking division, wants to make it clear that it is not based exclusively in London or Paris. 'We are based in Lille - halfway between the two,' said one senior banker last week. The new division even kicked off with an in-house launch party in Lille itself. But given the speed of Eurostar between Paris and Lille, and the painful chugging on this side of the Channel, wouldn't it be quicker to run the business from Ashford?