Thursday, September 26 10:42:37
Dell today launched its Dell Bank International Limited following approval from the Central Bank in an expansion that will create 300 jobs in Dublin.
Following the award of a full commercial bank license 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 U.K., Ireland, Germany, Austria, Switzerland, Belgium, the Netherlands and Luxembourg.
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 E400m 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.
Commenting on the announcement, Mr. 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."