Business News

Dell Bank in Ireland officially launched by An Taoiseach this morning

By Business & Finance
26 September 2013

An Taoiseach Enda Kenny TD, Minister for Finance, Michael Noonan TD and Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, today joined Aongus Hegarty, Dell’s president of EMEA and Cormac Costelloe, general manager, Dell Financial Services, EMEA to officially launch Dell’s bank in Ireland.

Following the award of a full commercial bank license by the Central Bank of Ireland at the end of June, Dell, through its customer financing arm, Dell Financial Services, is providing direct financing to business customers across Europe from its HQ in Cherrywood Business Park in south Dublin. Dell Financial Services’ Dublin-based bank, Dell Bank International Limited, is providing commercial loans and leases to small, medium and large enterprise customers in the UK, Ireland, Germany, Austria, Switzerland, Belgium, the Netherlands and Luxembourg.

Speaking at the official announcement that Dell has established a commercial bank in Ireland with the creation of 200 jobs in the first phase, Taoiseach Enda Kenny TD said: “I am delighted that Dell is creating 200 jobs by selecting Ireland as the location for this strategic venture. At a time when we are working to rebuild the economy and the financial services sector it is a great vote of confidence for us to have a company of Dell’s calibre select Ireland as the home for its financial services business. I would like to thank Dell for its continued commitment to Ireland.”

The selection of Ireland as the location for the establishment of the HQ for its EMEA financing business is a further sign of the continued investment in Dell’s operations in Ireland. Dell has invested €400mn in in the roll out of Dell Financial Services in Europe. This includes start-up and employment costs in Ireland as well as the investment in acquiring customer portfolios that will be managed by the Irish-based team. The banks platform is supported by a team based in Dell Limerick.

In the initial phase of Dell Financial Services, there will be 200 employees based at Cherrywood. This number is expected to grow to 300 within the next three years as the business grows and expands.

Speaking at the announcement Minister for Finance, Michael Noonan TD stated: “The decision by Dell to have Ireland as their EMEA HQ for Dell Financial Services is a very positive development for the financial services sector in Ireland.  We have a strong and well-established financial services sector in Ireland and combined with Dell’s track record here, I am sure that this venture will be a great success”.

Speaking on behalf of Dell, Aongus Hegarty, president, Dell EMEA said: “We are delighted to build on our existing presence in Ireland through the establishment of the Dublin-based Dell Bank International Limited. This development is a further example of the continued investment in our Irish operations in Cork, Dublin and Limerick. “We are delighted with the support received from the Government and the Central Bank of Ireland which has enabled us to secure a full commercial banking licence. As a result, we plan to build out our financing business from here, facilitating our goal to bring a diverse range of financial solutions to our customers throughout Europe.”

This expansion of Dell’s financial services business in Europe is a major milestone for Dell and will further enhance the range of end-to-end scalable solutions and services that the company offers customers.  Dell’s financial services business provides a real alternative to bank and other sources of IT financing in Europe where access to capital remains a key obstacle for many businesses.

Dell’s customers can now get direct financial support for all their IT solutions and will be able to leverage the scale of Dell’s operations across EMEA and benefit from the global consistency of Dell’s financing terms and conditions. Through DFS, Dell will also be able to provide much needed capital to small- and medium-sized businesses looking to invest in new technology to give them a competitive edge and grow their companies.