A new report published by the Federation of International Banks in Ireland (FIBI) shows Ireland ranked 6th largest exporter of financial services in the world in 2021, up from 8th a year earlier, and hosting 17 of the world’s top 20 global banks. 

FIBI is the representative body for international banking and investment firms in Ireland, representing over 30 member organisations, comprising many of the world’s leading global banks and investment firms.

Expansion Plans

The report shows that 65% of FIBI member firms expect to increase employee numbers in 2023 with a further 80% reporting they expect activity in their Irish operations to increase in the coming year. 

Despite ongoing geographical tensions and macroeconomic uncertainty, the report shows Ireland’s international banking and investment firm sector continued to grow with employment in FIBI firms jumping by 16% between 2019 and 2022. 

'Exceptional Performance'

“Our latest FIBI report reveals a sector which continues to grow consistently, adding significant value, widely recognised and respected as a key cornerstone of the Irish economy," said Fernando Vicario, Chair of FIBI and CEO of Bank of America Europe DAC and Country Executive for Ireland.

"The exceptional performance of the sector in recent years as well as the positive outlook reported by FIBI members looking to the future is all the more notable in the context of the challenges posed by the ongoing geopolitical tensions, mounting macroeconomic pressures and the steady COVID-19 pandemic recovery."

"Indeed, despite recent global uncertainty, the international banking sector in Ireland remains robust and FIBI members are confident of continued growth in the coming months.”

Source: www.businessworld.ie