FDI - Bank of Ireland announces 2nd FDI Hub for College Green
Dublin gets second FDI hub - Bank of Ireland
A second Foreign Direct Invest (FDI) hub has been opened by Bank of Ireland at their College Green offices. The new FDI hub will complement the existing FDI hub in Stephen’s Green, which over 30 FDI companies have utilised since its opening last March 2017. Bank of Ireland now provides 7 meeting rooms and 55 hot desks for FDI companies in the heart of Dublin City. The Bank of Ireland Innovation and Corporate Banking teams are acting on an increase in the demand from UK and International companies since Brexit.
The FDI markets that are utilising the hub include the US, UK, China, Australia, Japan and Canada. Tom Hayes, Chief Executive Bank of Ireland Corporate Banking, speaking about the announcement of the College Green hub 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. 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.”
Nauto - FDI success
One success story to come out of Bank of Ireland’s FDI hubs is the technology company Nauto. Nauto focuses on retrofitting commercial vehicle fleets with networked safety camera-equipped devices. It uses a multi-sensor device to detect collisions, monitor risky manoeuvring, and track driver behaviour in real-time. With Nauto, a lot of the technology that they coming with brand new vehicles can be fitted into an existing vehicle. With more than 120 staff worldwide, Nauto have been working in Bank of Ireland’s Stephen’s Green FDI hub for five months. Their Dublin office will be pivotal in supporting the company’s efforts on building their presence in Europe.
Commenting on Nauto, Tom Hayes, Chief Executive Bank of Ireland Corporate Banking said; “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 breadth 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.” Hayes continued; “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.”
Bank of Ireland FDI hub a tremendous asset
Frank Bunte, Head of Europe, Nauto said: “The Bank of Ireland FDI Hub in Stephen’s Green has been a tremendous asset that is helping Nauto builds our European headquarters and Dublin based team. Bank of Ireland’s FDI team expertise has greatly benefitted us as we develop our European business from our base in Ireland. We are delighted to announce our additional expansion plans and strong commitment to supporting the Irish economy today and appreciate the help and support we received from the IDA and Bank of Ireland.”
Additionally, the Bank of Ireland will also offer spaces for FDI companies at the Bank’s innovative Workbenches based in Cork, Galway, Limerick and Kilkenny, encouraging foreign direct investment throughout the country.
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