Business

Monday 23 September 2019

Cork 'could be Canary Wharf' as 200 finance roles created

The high-tech Navigation Square building, developed by O’Callaghan Properties
The high-tech Navigation Square building, developed by O’Callaghan Properties

Ralph Riegel

Clearstream is set to create 200 jobs as part of a move to a high-tech new Cork office complex.

Announcing the roles, the firm said that the city's docklands area has the potential to become Ireland's Canary Wharf.

Please log in or register with Independent.ie for free access to this article.

Log In

The firm, a subsidiary of Deutsche Borse, is set to dramatically expand its Cork workforce to almost 600 staff thanks to a transfer to the new €90m Navigation Square office complex in Cork's docklands.

Navigation Square, developed by O'Callaghan Properties, will be Ireland's most high-tech office building when it fully opens.

O'Callaghan Properties managing director Brian O'Callaghan said leases for the complex have been so successful the firm has opted to proceed immediately with its second phase development.

When completed, Navigation Square will comprise four office blocks boasting 350,000 sq ft and the potential to house 3,000 employees.

Clearstream has now secured its lease to the premises, and will complete a full transfer of operations by April 2019 from its existing base at Cork Airport Business Park.

The firm has taken leases on 70,000 sq ft of space including the ground floor plus floors four, five and six with an option on floor three.

Clearstream operates as a post-trade services provider for Deutsche Borse, which is one of the largest exchange organisations worldwide, including the German stock exchange.

The German financial giant moved to the Cork office in October 2014 and, from there, the firm now services more than 60 major financial institutions including such high-profile clients as JP Morgan and UBS.

Largely dealing with hedge and mutual funds, the Clearstream complex in Cork has developed a reputation for high quality operations combined with embracing cutting edge technology to the point where it is rapidly expanding its range of services for its German parent.

Clearstream currently ranks as one of just two European international central securities depositories.

"It is a very exciting time for us and for Cork," said Clearstream managing director David Brosnan.

"There is an old adage that a rising tide lifts all boats. I firmly believe that the Cork docklands can now prove to be an Irish version of Canary Wharf."

Brosnan said Clearstream was delighted with the move to Navigation Square, and he said it will mark another exciting phase of expansion for the firm.

Clearstream's Cork branch initially grew from 200 employees to more than 400, and will now expand to more than 600. The firm has virtually an entirely Irish management team.

Sunday Indo Business

Also in Business