200 New Jobs for Cork - Tánaiste Citco Group To Open New Shared Services Centre - Harney

Mary Harney, Tánaiste and Minister for Enterprise, Trade and Employment announced today (Thursday, 10th February 2000) that IDA Ireland has successfully attracted a shared services centre by the Citco Group Limited to the Cork Airport Business and Technology Park. The Cork centre, Citco Data Processing Services Limited, will create 200 new jobs over the next four years.

Operations will begin immediately and recruitment of the first 30 positions is already underway. Citco Data Processing Services Limited is located at a 40,000 square foot premises at Cork Airport Business and Technology Park.

The new data processing centre will be responsible for some of the data processing functions associated with business being carried out by Citco Bank Nederland NV in Amsterdam, Milan and Dublin. Citco Bank Nederland NV currently employs 130 people and specialises in trading and settlement of funds, in which it acts as a custodian for clients, mainly financial institutions.

"This investment continues the successful roll-out of office-style projects for Cork and is further evidence that IDA Ireland's strategy of securing more services projects for all regions of the country is showing real results," the Tánaiste said.

The Tánaiste continued "Citco will be a significant addition to the Cork Airport Business Park and the quality employment opportunities it will provide will be an excellent replacement for those unfortunately lost with the closure of Sea-Land Service Inc, in which building Citco is now locating."

The Citco Group already has two operations in Ireland at the International Financial Services Centre (IFSC) in Dublin employing 55 people. The first operation, Citco Bank Nederland NV, was established in 1998 and specialises in the trading, settlement and custody of offshore mutual funds. In 1999 a Funds Services operation commenced, specialising in fund administration and transfer agency services.

The Citco Group currently has around US$75 billion in total net assets under administration comprised of about 500 funds. "The announcement of the new Citco centre in Cork is also a success for IDA Ireland in its on-going work of attracting non-IFSC investments from companies which already have IFSC operations here," said the Tanaiste.

The Citco Group Ltd, established since 1939, offers corporate/fiduciary, third party fund administration and banking services and currently employs 700 people. It has offices worldwide across Europe, USA, Canada, Bermuda, Bahamas, Cayman, US Virgin Islands, Curacao, Singapore and Uruguay.