It’s welcome news for Northern Ireland as The Bank of London will open a Centre of Excellence in Belfast, creating 232 new jobs by 2026.
The Bank of London, which launched as the sixth principal clearing bank of the UK in November 2021, says it has already welcomed 34 new colleagues – a team made up of payments staff, software engineers, operations and other business functions.
It points out that 54 further roles already being advertised. This is expected to generate around £20 million worth of annual salaries for the local economy when all the roles are in place.
Anthony Watson, Founder and Group Chief Executive Officer of The Bank of London, states: “To build the future of finance, we need to be where the future is. Belfast is now the UK’s gateway city to the European Union, and this coupled with Belfast’s exceptional fintech talent across multiple disciplines, makes it the logical choice for The Bank of London’s Centre of Excellence to power our UK expansion.”
Lord Mandelson, Deputy Group Chairperson and Senior Independent Non-Executive Director of The Bank of London, adds: “During my time as Her Majesty’s Secretary of State of Northern Ireland I got to work with people from all faiths and backgrounds. The people of Northern Ireland left an indelible impression on me, and I’m delighted that our firm has selected Belfast for its Centre of Excellence.”
- Seven Fintech Companies in Northern Ireland to Watch – check the notable names here
According to the bank, among the four UK nations, Northern Ireland has the highest availability of full fibre services at 71% compared to England, Scotland and Wales at around 27% each.
It is a lively part of the UK. eWeek UK has already looked at companies in Northern Ireland worth keeping an eye on. These features focused on firms in tech, cybersecurity, data, fintech and insurtech.
The Belfast office follows the bank’s expansion of other locations and technology hubs in London and New York.
As noted above, The Bank of London launched last year. It was only the second clearing bank in 250 years. With a $1.1 billion (£842 million) valuation, it says it is the first pre-revenue bank in history to attain ‘unicorn’ status upon debut.
The clearing bank is targeting banks, clearing houses, digital and traditional asset firms, governments, financial services companies from local fintechs to global institutions, payment networks and non-financial brands who want to launch compliant financial products and services in-country and across-borders.
Prior to The Bank of London’s arrival on the fintech scene, the most recent clearing bank in the UK was the aptly-named ClearBank, launched in 2017. Its clients include Nationwide, Tide, OakNorth, DWP, PayPoint and Dozens.