Stephen Bell, Country Head for Northern Ireland.
Bank of London to create 232 jobs in Northern Ireland
The UK’s newest clearing bank is set to pour millions of pounds of salaries into the region, in partnership with local public sector investors.
The Bank of London is set to create 232 jobs in Northern Ireland with the opening of its new Belfast office.
The fintech’s new location, located at the base of The Soloist Building near the Waterfront Hall, has already made 50 new hires across job functions such as software engineering, compliance, and risk.
The Bank of London, launched in just November 2020, is the UK’s sixth principal clearing bank, and only the second in 250 years to be approved by regulators.
The bank, which has already raised $90m in funding, also has offices in New York and sported a $1.1bn valuation on inception.
Bank of London's move is receiving a large amount of support from Northern Ireland's government, 130 of the new roles will be subsidized by Invest Northern Ireland (Invest NI).
Stephen Bell, who is currently the company’s Chief Risk and Compliance Officer, will now take on the role of Country Head for Northern Ireland.
Prior to joining Bank of London, Bell served on the board of Ulster Bank in Northern Ireland from 2012 to 2015, and has previously also held senior roles at AIB.
Invest NI told Irish News that the new roles will have an average salary of £34,000.
Mel Chittock, Interim CEO, Invest NI, said the new office will help retain talent in the region and attract others to return to Northern Ireland.
“With well-remunerated roles, this project will not only deliver excellent job opportunities but will also contribute £7.8m in annual salaries into our local economy, delivering economic benefit to the whole of Northern Ireland.”
Gordon Lyons MLA, Economy Minister, said it is “quite a coup” for Invest NI to have attracted this “unique project and investment”.
Lyons believes the latest investment vindicates what NI has on offer as an investment location, saying that “actions speak larger than words”.
Lyons went on to say the bank's immediate success at recruiting over a third of its positions in just a handful of months is evidence again of "just how right” its decision was.
Belfast is continuing to attract attention from fintech firms.
In March, fintech leaders from across the UK came together in Belfast for the first-ever Northern Ireland Fintech Symposium.
The event, hosted by FinTech NI, followed the launch of a three-year strategy plan for fintech in Northern Ireland published in September last year.