Investec bank is expanding its presence in Ireland and has opened a new office in Cork - its first in Munster. The South African bank already employs 240 people in Dublin.
Investec's head of treasury Aisling Dodgson says that Cork is a natural next step for the bank because it believes that Munster has great potential and great opportunities. She points out that the Munster region delivers one third of the country's GDP while it also makes up a third of the country's population. From its new Cork offices, Ms Dodgson says that Investec will look at offerings for the corporate and SME sectors as well as its private wealth management services. Cork has many multi-nationals based there as well as large indigenous companies like Voxpro and Global Shares and Investec will also focus on the many entrepreneurs in the south of the country.
In the last year, Ms Dodgson says that huge volatility has been seen in the euro-sterling rate. She says that for the last number of years exporters in particular have become very competitive due to the currency rate changes. Investec works with companies to hedge their euro-sterling exposure and Ms Dodgson says the bank has been very pro-active in the market.
Investec has invested strong in Ireland, the head of its treasury department said. The bank bought NCB Stockbrokers in 2012 and is now looking to double the amount of premises it has here. The bank is committed to the Irish market and is in the country for the long term, Ms Dodgson added.
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