Edinburgh and Glasgow have both ranked inside the top 10 UK cities with the highest number of large corporate firms outside of London, according to the first HSBC UK Corporate Tracker, which records the location and activity of the UK’s 13,544 “large corporates.”

Combined, Edinburgh and Glasgow have 233 large private and listed companies — Edinburgh 118, Glasgow 115 — which together employ 315,000 people and have collective turnover of over £71 billion.

The report was prepared using Beauhurst data.

According to HSBC UK’s Corporate Tracker, there are 622 large corporates in the whole of Scotland, with the largest companies by headcount including Aberdeen-headquartered First Group, Aberdeen-based John Wood Group and Glasgow-based Weir Group.

HSBC UK defines “large corporates” as companies with annual turnover over £36 million, a balance sheet over £18 million, and/or more than 250 employees.

“The professional, scientific and technical sector makes up the largest proportion of large corporates in the two cities, followed by administrative and support services,” said HSBC.

“Edinburgh’s largest cluster was in financial services and is home to a large number of banks and accountancy firms, and a significant presence of asset managers, fintech companies, and professional services providers.

“According to HSBC UK’s tracker, around 18% of the large corporates in Edinburgh and Glasgow have foreign parent companies, which is below the national average (24%). ”

Doug Baikie, Head of Corporate Banking North at HSBC UK, said: “The corporate sector in Scotland is significant.

“Our research signals a huge opportunity for Scotland to enhance its profile on the international stage.

“Closing the gap in foreign investment can yield both economic and political dividends, and there is a clear opportunity here for policy that recognises the strongest sectors and encourages competition for international capital.”