HSBC, the world's third-largest bank, will employ as many as 170 people at the European training and fund administration centre which opened yesterday in Dublin.
The €2 million centre will provide fund administration services to the bank's large commercial clients and train HSBC staff from across Europe, where the company dominates the banking market. It was officially opened by Taoiseach Bertie Ahern and HSBC chairman Sir John Bond.
The London-based bank, whose roots in Hong Kong and Shanghai date back to 1865, has been in business in Ireland for almost 30 years. The additional staff in Dublin brings the number of people employed by HSBC in Ireland to about 550.
"I hope you make a fortune here," Mr Ahern told Sir John during the opening ceremony.
Half of the world's top 50 banks have a presence in Ireland, according to the Taoiseach. The fund administration industry, which emerged a year after the IFSC was set up in 1987, grew 35 per cent last year, bringing the total value of funds administered here to more than €1 trillion.
"Ireland is attractive for HSBC and our clients. Many of our clients have offices in Ireland and many wish to have an Irish label on their business," said Charles Gregory, chief executive of HSBC Bank Ireland.
HSBC is also expanding its consumer finance business in Ireland. It already has three Household Bank-branded consumer finance branches in Swords, Limerick and Tallaght, and plans to open three more in Naas, Blanchardstown and Galway in the next two weeks, Mr Gregory said.
Household lends mostly to low-income individuals who are denied credit by other banks.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)