Allied Irish Banks And Bank of New York To Create 200 New Jobs In Cork

Allied Irish Banks and The Bank of New York plan to create 200 new jobs in Cork, with a joint venture with an investment of over EUR13.5 million in its Irish operations. AIB BNY is one of the country's largest

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Allied Irish Banks and The Bank of New York plan to create 200 new jobs in Cork, with a joint venture with an investment of over EUR13.5 million in its Irish operations. AIB/BNY is one of the country’s largest fund administrators, with $162 billion worth of funds under administration in Ireland.

AIB/BNY expanded its business in Ireland over the last 10 years, attributing the growth to the success of the International Financial Services Centre (IFSC) and the attractiveness of Ireland as a location for offshore fund administration. The joint venture currently employs 495 people in its operations at the IFSC in Dublin. Following today’s announcement of the expansion of the business and the establishment of the new operations in Cork, it is anticipated this number will increase to over 700 by the end of 2008.

AIB/BNY chose Cork as the location because of the high quality infrastructure, excellent facilities and the high number of quality graduates produced by universities and colleges in the region. AIB/BNY has secured a 20,000 square foot facility at the Airport Business Park which will house its new operations in Cork. The joint venture is predicted to employ up to 50 staff initially in order to start operations in April 2006, and may increase to 200 during the next two years.

“AIB is very pleased to be announcing such a significant expansion and to be building on the success of our business with the Bank of New York,” said Colm Doherty, managing director of AIB Capital Markets. “We are particularly pleased to be able to create this base in Cork and to build on the extraordinary growth story we have already witnessed in the International Financial Services Centre in Dublin.’

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