A subsidiary of French bank Crédit Agricole is to invest €3.2m to set up a research and development centre in Dublin. IDA Ireland is backing the investment.

Caci, a specialist company within Crédit Agricole Assurances, provides payment protection insurance and related products.

Based in France, it has 300 employees throughout Europe. It has been in Ireland since 1999, and currently employs more than 80 people in Dublin. The Irish operation has specialist capability within the group which has resulted in the research investment at the Dublin subsidiary.

The announcement was made today from an IDA Ireland financial services event in the Irish Embassy in Paris.