'Vote of confidence' as financial services firm plans 800 jobs
FINANCIAL outsourcing company Capita plans to double its Irish workforce to 1,600 over the next three years, tapping into demand from Irish banks and global investment funds.
The total includes 265 jobs that Capita needs to fill this year after winning a contract from the National Asset Management Agency (NAMA) to manage loans with a face value of €41bn.
These loans were managed by IBRC before the bank was put into liquidation.
The jobs will be created in Dublin, Maynooth and at a new call centre at a third location outside the capital. Growth is expected to come from a mix of organic growth and takeover deals.
The ambitious plans were announced as the Finance Minister, Michael Noonan, officially opened Capita's new 45,000 square-foot offices at the new Grand Canal Square development in Dublin's docklands.
"The scale and ambition of the company's investment in Ireland, and the announcement of their plans to employ 800 more people over the next three years, is a major vote of confidence in Ireland," Mr Noonan said.
UK-owned Capita has been in Ireland since 2003.
Around 70pc of the current staff are professionally qualified and have specific industry experience.
New recruitment is expected to include qualified- and part-qualified accountants, people with banking experience, surveyors and call centre staff.
Capita has become best known in Ireland for managing billions of euro of loans on behalf of NAMA and other banks.
That part of its business is expected to grow because US funds that are snapping up assets from banks here need local partners to manage the loans day to day.
Capita in Ireland also provides "back-office" support services to the pensions, asset managements and international financial services sectors.
As well as the new Dublin jobs, it has opened a US sales office in New York to win business from the global names that dominate those sectors.
Included in the 800 jobs total are plans to establish a new business process centre, or call centre, that will focus on winning outsourcing contracts from public-sector agencies.
That will be a new departure for Capita here but is the main business of its UK-based parent, which holds a contract to collect the BBC licence fee formerly held by the British Post Office, for example.