Bank of London invests millions in new Belfast centre

By Amelia Isaacs on Monday 20 June 2022

Digital Banking

The bank says it will generate around £20m of annual salaries once all 232 new roles are in place.

Bank of London invests millions in new Belfast centre
Image source: Anthony Watson/Bank of London.

The Bank of London, which launched a year and a half ago as the UK’s sixth principal clearing bank, is making a multi-million-pound investment in Belfast.

It is expanding its UK presence with a new “centre of excellence” creating 232 new jobs by 2026.

The bank currently has 34 new employees, consisting of payments leaders, software engineers and operations among others, with 54 roles being advertised at the moment. 

The company, valued at $1.1bn, says it is expected to generate around £20m worth of annual salaries for the local economy when all the roles are in place.

“To build the future of finance, we need to be where the future is,” Bank of London founder and CEO Anthony Watson said.

“Belfast is now the UK’s gateway city to the European Union, and this coupled with Belfast’s exceptional fintech talent across multiple disciplines, makes it the logical choice for The Bank of London’s Centre of Excellence to power our UK expansion.”

According to the bank, opening the new centre in Belfast brings access to a new strong talent pool, excellent academic institutions and a growing technology sector.

The move to Belfast builds on the bank’s other expansion of other locations and technology hubs in London and New York.

With the highest concentration of fintech employment in the UK centred in Northern Ireland, Belfast ranked third after London and Singapore as a ‘location of the future’ as a fintech powerhouse.

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