Deutsche Bank has announced that it will generate over 700 jobs in Dublin over the coming years.

The German bank, which already employs over 300 people in Ireland, said it plans to significantly grow its operations in Dublin by moving to a new office at EastPoint Business Park. 

The bank, which has had operations in Ireland since 1991, said it aims to create a regional hub and centre of excellence in the city.

Deutsche Bank will start recruiting for the new jobs next year. It plans to hire staff to work in trade finance, cash management and technical and operational roles. 

The company said the quality of Ireland's workforce was one of the main reasons it chose Dublin as its location.

Minister for Jobs, Enterprise and Innovation Richard Bruton said the announcement is a great testimony to the focus that has been put on the financial services sector.

Speaking on RTE's Six One, he said 2,000 jobs had been created in this sector over the last two years by focusing relentlessly on the opportunities there.

Mr Bruton said Ireland's corporate tax rate was of little relevance in Deutsche Bank's decision and it come for the skills and the capacity to deliver very effectively.  

He said the Government had positioned itself to serve this sector as a deliberate strategy in its action plan for jobs.

The minister added that the vast majority of the 700 new positions would be taken by Irish people from leaving certificate right up to degree level.

Earlier, speaking on RTÉ's News at One, the bank's Global Head of Financial Institutions Nelius De Groot said the high standard of Ireland's graduates was a dominating factor in its decision.

Most of the new workers will be hired in the next two years. 

The 330 staff currently employed in Dublin are divided between global transaction banking, which utilises 80 people, and global technology, employing 250 people.

"We've doubled the headcount since 2009 in Dublin because the team has been so successful.

"Some functions will move but there's no large lift-and-drop from another location into Ireland.  This is really about new jobs," he said.

Mr De Groot said the new positions were likely to be open to a range of qualified people including school leavers, certificate holders and university graduates.   

The Dublin expansion is being supported by IDA Ireland. 

IDA Ireland's chief executive Barry O'Leary said that Deutsche Bank is one of Europe's most dynamic financial institutions and its expansion at EastPoint will significantly bolster the country's financial services sector.

The jobs announcement was the biggest made so far this year by IDA Ireland and follows recent workforce additions by Twitter, TripAdvisor and EBay.