Tuesday 23 January 2018

Dell Computers set up bank in Ireland

Tom Lyons

Computer giant Dell is working on plans to create up to 100 new jobs in its financial services division in Dublin.

The company's financial services arm is in the process of applying for a banking licence from the Central Bank to allow it do so. Dell, which employs 2,500 people in Dublin, Cork and Limerick, has a team of between 50 and 100 people already working on the project.

Dell's financing business offers loans to corporate customers and consumers and extends leases to businesses to allow them buy Dell products.

Achieving a banking licence will pave the way for Dell's Irish operations to bring another key European Middle East & Africa function to Ireland. According to filings, Dell Financial Services originates about $3.5bn (€2.7bn) in new financing per annum.

Having exited manufacturing in Ireland a few years ago, setting up a bank here marks a further sign of the company's commitment to reinventing its operations here.

There is a big opportunity to grow in Europe as traditional banks retrench and shrink their balance sheets. Experienced banking professionals are readily available in Ireland as domestic banks shed thousands of employees.

A spokeperson for Dell said it does not comment on market speculation.

Dell is currently the subject of a bidding war. Founder Michael Dell has launched a bid along with Silver Lake Partners. Asset management firm Blackstone and investor Carl Icahn are also reported to be mulling rival bids.

Irish Independent

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