Announcement of Citibank expansion
Thank your for joining with us today for this very positive announcement for the IFSC, Dublin and the country as a whole. I especially welcome the large delegation of Citibank managers and staff who have been invited to be here today. And, of course, I also send our best wishes to all 1,000 or so Citibank staff in Dublin.
I am delighted to announce that Citibank has finalised a proposal with IDA Ireland, and has been approved Government support, to more than double the size of its global processing and servicing centre in Dublin. This proposal means the creation of 1,300 new jobs over the next three years. Almost half of the new jobs will be for graduates and the rest are aimed particularly at school leavers and women wishing to return to the labour force.
This will make Citibanks Dublin Centre the largest back office and shared services operation in Ireland, with a total of 2,300 staff. It will be located at Citibanks new 270,000 square foot office building currently well advanced in construction, at the I.F.S.C. in Dublin. This building is due for completion in November next year. Meanwhile Citibank is operating its processing centre from Fleming House, in Dublin 4.
Citibank is a flagship project and a leading example of the type of project targeted by IDA Ireland in its shared services/back office strategy. It represents the most significant success to date in this rapidly expanding sector, which was launched just over two years ago by the IDA. The strategy is aimed at building on the advanced business and management skills brought to Ireland through the IFSC. Today over thirty companies have set up such centres in Ireland with, of course, Citibank being by far the largest and the perfect role model. I look forward to continued growth in this sector, especially from the hundreds of financial services companies currently operating so successfully at the IFSC. I can assure these companies that Ireland will continue to offer a very competitive operating environment.
Many global companies are now re-engineering their business structures in Europe in order to achieve substantial cost-savings and at the same time improve efficiency and responsiveness to their customers. Ireland gives them particular advantages especially:
- costs (in terms of staff, accommodation and services);
- telecommunications;
- people with the right skills and motivation;
- the right corporate tax environment supplemented by attractive financial incentives; and
- a generally supportive business environment.
The shared services sector, in return, provides a very wide range of employment opportunities, as is very clear to anyone who visits Citibank in Dublin. The range of jobs includes people with the highest qualifications and experience in financial services, through young graduates and school leavers to an increasing number of women who have decided it is appropriate to return to the labour force.
I am also very pleased to note that Citibank has a specific recruitment programme aimed at the local community and they tell me that this aspect of recruitment is proving very successful.
In congratulating all the staff of Citibank in Dublin for establishing such a good reputation in their work may I particularly acknowledge the work of Aidan Brady and Bob Kelly who manage the various aspects of Citibank in Ireland. Really it is the skill and dedication of people like you who bring these major job-creating expansions to Ireland and I thank you for this. I would also, of course, acknowledge the work of IDA Ireland and especially Kieran McGowan, its outgoing Chief Executive, who gives the necessary and very professional level of support and service to secure these new investments.
Finally, I wish Citibank and all its staff every good wish and success for the future. I realise you have taken on a major challenge to build up this new project. But I know you will do it well and the Inner City will reap the benefits for years to come.
Thank you.