Taoiseach Welcomes 35 Million Euro Investment By Citi

Last Thursday, Taoiseach Brian Cowen, T.D., announced that Citi, one of the world's largest financial services companies, is to base its €35 million investment in next generation eBanking platform at its Dublin operation for Research, Development & Innovation (R, D & I). 

The investment, supported by IDA Ireland, will establish a new Centre of Technology Excellence (CTE) and will lead to the creation of 30 high calibre positions, such as project managers, technology architects, business analysts, software and hardware engineers.

It is part of wider corporate investment by the company of more than €100 million globally in relation to this initiative.

Citi's major presence in Dublin's IFSC is a flagship company for financial services in Ireland and the company's activities here make a significant contribution to the economy in terms of salaries, local services and corporation tax. 

Citi was the first global financial institution to establish an operations centre of significant scale in Ireland. 

At the heart of this latest investment is Citi's intention to transform the existing eBanking model by creating a single electronic banking platform, shared between multiple banks with market-leading features and functionality emphasising security, intelligence, knowledge and collaboration.

To achieve this ambitious goal, Citi will partner with global technology leaders and create next generation eBanking solutions.

Speaking from the company's headquarters in New York last week, the Taoiseach said, "Citi celebrated 40 years in Ireland in 2005, and today employs 2,200 people across its Irish operations.

"The company has been a pioneer of our financial services industry in Ireland and has made an outstanding contribution to the economy over the years.

"It is all the more pleasing that Ireland today can provide a platform for its most sophisticated and high level activities such as research, development and innovation in eBanking, which will not just further embed the company in Ireland but could, in due course, result in a highly innovative operating model for the banking industry globally.

"Citi Ireland is an excellent example of a financial services company in Ireland which has succeeded in replacing many lower-level roles with higher-value added positions.  

"Its on-going enhancement of its Irish operation over the years has continuously moved it further up the value chain, which has enhanced its ability to secure new mandates from its parent group, such as this latest investment."

This investment is being undertaken by Citi in response to the pressures which the financial services industry is experiencing such as the increasing demands from customers for services supported by new technologies and access channels. 

This investment adds considerably to the level and significance of R, D & I activity currently taking place in Ireland in the financial services industry and will represent a very valuable flagship project and marketing reference for IDA Ireland in promoting the R, D & I concept to other leading global financial institutions.

Paul Galant, Chief Executive Officer of Global Transaction Services, Citi said "We are committed to investing in innovation to create next generation eBanking solutions for our clients. 

"We will deliver shared infrastructure solutions by combining best-in-class banking and technology expertise utilising the Research, Development and Innovation capabilities we have developed in Ireland since 2005."

Francesco Vanni d'Archirafi, Global Head of Treasury Trade Solutions and Chairman, Citibank Europe plc said, "At the heart of this latest investment is our commitment to meet the increasing demands from customers for services supported by new technologies and access channels. 

"I am very pleased to further develop our partnership with the Irish government to deliver next generation eBanking solutions for our clients."

Aidan Brady, the Citi Country Officer for Citi Ireland said, "Today's announcement demonstrates our continuing ability to be a world class location for Citi delivering leading edge product development, operational excellence and best-in-class transaction services to our clients."