Arklow is to receive a major employment boost through the creation of 880 new jobs by a new joint venture between Bank of Ireland and US card payment processing giant Nova Corporation.
Recruitment at the firm, which will trade as Euroconex Technologies, will begin immediately, and a further 200 jobs will be created at Loughlinstown, Co Dublin, over the next five years.
The value of the IDA's investment in the Arklow operation is estimated at around £4.5 million. The Tanaiste and Minister for Enterprise, Trade and Employment, Ms Harney, welcomed the announcement. "This is the first major international services project to locate in Arklow and is a major boost to the south-east region. It will provide large-scale employment opportunities for the people of the town and surrounding areas," she said.
The Arklow facility will provide card payment processing and related services to European customers, while employees in Loughlinstown will carry out software development and European sales functions. Bank of Ireland's entire credit card payment processing operation will now be outsourced to Euroconex Technologies. The bank had employed 100 people for this function at its credit card processing centre in Dublin.
According to a Bank of Ireland spokesman, the majority of these employees will move to the new company, and those not wishing to relocate to the Arklow facility will be employed elsewhere within the Bank of Ireland group.
Euroconex Technologies will be headed by Bank of Ireland's current head of card services, Mr Billy Saunderson. Mr Edward Grzedzinski, chairman and chief executive officer of Nova, will become chairman of the new firm.
Nova is the third largest company in the US card processing market. It employs 1,700 people and recorded profits of $82 million on sales of $1.47 billion last year.
