Bank of Ireland announces second FDI Hub in College Green

Business | Wed 7 Feb | Author – Business & Finance bank-of-ireland-second-fdi-hub
Sean L’Estrange, Head of Dublin City, Bank of Ireland; Tom Hayes, Chief Executive, Bank of Ireland Corporate Banking; Carolyn Quinlan, Innovation Team, Bank of Ireland; Frank Bunte, Head of Europe, Nauto; and Barry O’Dowd, ‎Senior Vice President, ‎IDA

Bank of Ireland announces its second FDI Hub at College Green for international companies looking to locate in Ireland. The new hub will complement the existing hub based on Stephen’s Green.

The bank is the only Irish bank to offer this service to FDI companies. The Stephen’s Green hub opened in March 2017 and over 30 FDI companies have availed of the space in just under a year.

Bank of Ireland’s Innovation and Corporate Banking team has said there is an increased demand from the UK and international companies since Brexit. The top markets using the space include the US, UK, China, Australia, Japan and Canada.

Both of the FDI hubs will provide 55 hot desks and seven meeting rooms. The bank will also offer spaces for companies at its Workbenches based in Cork, Galway, Limerick and Kilkenny.

The company Nauto, who focus on retrofitting commercial vehicle fleets with safety camera equipment, have been working with Bank of Ireland Stephen’s Green for five months. Nauto has 120 staff worldwide with four based in Dublin with plans to double the engineering team in Dublin.

This is an example of a company that has availed of these services.

Tom Hayes, Chief Executive of Bank of Ireland Corporate Banking, said: “Today’s announcement further strengthens our support for international companies based in Ireland and also adds to our strong network of Start-ups and Workbenches across the country.

“It is fantastic to see Nauto, one of over 30 FDI companies who have directly benefited from our Stephen’s Green hub, going from strength to strength and announcing significant growth plans for the Irish market. It’s also great to see the breath of countries where the companies are from, showing that Ireland is firmly on the map for companies exploring their post-Brexit options. In particular, we have noticed an increase in companies coming to us from countries that would have normally focused FDI activity in the UK.

“Launching a second FDI Workbench, in just under a year from when we opened our first, is testament to how successful this initiative is. We look forward to welcoming and supporting a new crop of international companies in the weeks and months ahead.”

Martin Shanahan, CEO of IDA Ireland, said: “The fact that Bank of Ireland is opening a second FDI Hub in Dublin city centre within the space of a year is testament to the strength of the FDI sector in Ireland. This is a brilliant initiative which IDA fully supports, as its success here reinforces Ireland’s reputation as a leading location for innovative business leaders and companies with ambitious global objectives. IDA Ireland’s diverse client portfolio covers all sectors from pharmaceutical to financial services and brings high value jobs to communities across the entire country. I am delighted to see a second FDI hub opening; and I hope to be welcoming many more spaces such as this in the years to come.”