The Bank of London welcomed Economy Minister Gordon Lyons MLA to open its new Northern Ireland Headquarters

By Joy Dumasia

The Bank of London, the global clearing, agency, and transaction bank, welcomed Economy Minister Gordon Lyons MLA to mark the opening of its new Northern Ireland Headquarters, based in the landmark Soloist office at Lanyon Place in Belfast.

During his visit, the Minister heard how the Bank had seen recruitment in Belfast surge ahead of initial projections. Around 50 employees are already in the role, including software engineers and compliance and risk experts, with further recruitment due to take place. The Bank of London’s investment in Northern Ireland will lead to the creation of 232 jobs, 130 of which have been supported by Invest Northern Ireland (Invest NI).

Gordon Lyons MLA, Economy Minister, said: “The Bank of London is only the sixth UK clearing bank and the second in over 250 years to be authorised by the Bank of England, it is, therefore, quite a coup for Invest NI to have attracted this unique project and investment here. There’s the saying that actions speak louder than words. We often talk of how much Northern Ireland has to offer as an investment location but securing one-of-a-kind projects like this prove it. Added to that, The Bank has had immediate success at recruiting over a third of its positions in just a handful of months, which is evidence again of just how right their decision to invest here was.”

Given Northern Ireland’s importance to the wider Bank of London group, Stephen Bell, Chief Risk and Compliance Officer (United Kingdom), will expand his remit with his new appointment as Country Head for Northern Ireland. A senior financial services leader with a broad range of experience in commercial leadership, enterprise risk management, corporate governance, and restructuring, Stephen served on the Board of Ulster Bank in Northern Ireland from 2012 to 2015, also holding the roles of Chief Risk Officer for both Northern Ireland and the Republic of Ireland.

Stephen Bell, Country Head for Northern Ireland, said: “At The Bank of London, we have a deep belief that exceptional and diverse talent will build the future of banking. Working together with Invest NI, we chose to locate The Bank of London’s first United Kingdom office outside of London here in Belfast. We know we will find that talent here to help us deliver innovation at the heart of financial services and create the borderless infrastructure of the future.

Our experience to date has proved this to be the right decision and the speed at which we have been able to recruit across a range of skills and experience, not only in technology but in compliance and risk, is testament to our commitment to ongoing investment in Northern Ireland and the wider economy.”

Whilst next-generation patented technologies powers The Bank of London’s unique proposition, two-thirds of the positions being created are in operations and compliance, with the remaining one-third in technology-related roles. The new positions span a range of experience levels from junior to senior management, providing opportunities at all levels.

Mel Chittock, Interim CEO, Invest NI, said: “The Bank of London is a welcome addition to Northern Ireland’s financial services sector. Its disruptor approach will bring new innovation to our FinTech sector, providing new opportunities across a diverse range of roles in financial services, which will help retain talent here and attract others to return to Northern Ireland. With well-remunerated roles, this project will not only deliver excellent job opportunities but will also contribute £7.8m in annual salaries into our local economy, delivering economic benefit to the whole of Northern Ireland.”

IBS Intelligence reported that Crescent Communities has announced that The Bank of London has located its US Global Platform & Services headquarters at One Independence Center.