THE AMERICAN banking giant Citi will create 500 new jobs in the North over the next five years as part of a major expansion supported by government finance.
Citi, which first invested in the North six years ago, will receive almost £8.4 million of financial assistance from the regional development agency Invest Northern Ireland in support of its latest investment project.
The North’s First Minister Peter Robinson and Deputy First Minister Martin McGuinness confirmed details of the jobs boost yesterday when they officially opened Citi’s new offices in Belfast.
Against the backdrop of the historic Titanic Quarter in the east of the city, the political leaders joked and chatted with senior Citi executives and employees as they formally unveiled the group’s new base at the Gateway Offices.
Mr Robinson said that government financial support for the project was well justified because the latest Citi investment would generate up to £16 million in annual salaries for the local economy.
“Last month, at the US-NI Economic Conference in Washington, we had a unique opportunity to showcase Northern Ireland to some of the most senior people from blue-chip US companies.
“While we are confident that new investment will be generated as a result of the conference in the months and years to come, this latest commitment by Citi is proof positive that our ongoing efforts to secure investment are paying dividends.”
Citi has expanded several times since it first located in the North, and employs more than 900 people across a range of divisions, including legal and compliance, operations and technology.
Its Northern Ireland operations provide support to Citi offices and customers in the Europe, Middle East and Africa (EMEA) region.
Bill Mills, chief executive of EMEA for Citi, said the company continually evaluated the best locations for expansion before making investment decisions and the North had never disappointed.
According to Mr McGuinness, the US group’s decision to expand again was a testimony to what Northern Ireland could deliver for investors.
“Citi plans to create 440 new high-quality roles in its technology and operations divisions and a further 61 new specialist posts in its legal and compliance division,” said Mr McGuinness.
“This is an extremely significant boost for the local economy, particularly in terms of job numbers and the high quality of the positions,” he added.
