| Dell awarded banking licence, with 200 employees planned for first phase of Dell Financial Services EMEA HQ, with financial services jobs located in Dublin and Limerick |
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| Confirming the story, first published this summer in Finance Dublin, the IDA yesterday announced the project. The move follows a clarification from the Central Bank that it would facilitate the establishment of branch banking operations in Ireland of banks headquartered outside of the EU. Dell's Irish operation will be the EMEA headquarters of the company. |
Aongus Hegarty, President, Dell EMEA said “We are delighted to build on our existing presence in Ireland through the establishment of the Dublin-based Dell Bank International Limited. “We are delighted with the support received from the Government and the Central Bank of Ireland which has enabled us to secure a full commercial banking licence. As a result, we plan to build out our financing business from here, facilitating our goal to bring a diverse range of financial solutions to our customers throughout Europe”.
The Taoiseach Enda Kenny, Michael Noonan, Minister for Finance; and Richard Bruton Minister for Jobs, Enterprise and Innovation, joined Aongus Hegarty, Dell’s President of Europe, Middle East and Africa and Cormac Costelloe, General Manager, Dell Financial Services, EMEA to officially launch Dell’s bank in Ireland. Following the award of a full commercial bank license by the Central Bank of Ireland at the end of June, Dell, through its customer financing arm, Dell Financial Services, is providing direct financing to business customers across Europe from its HQ in Cherrywood Business Park in south Dublin. Dell Financial Services’ Dublin-based bank, Dell Bank International Limited, is providing commercial loans and leases to small, medium and large enterprise customers in the U.K., Ireland, Germany, Austria, Switzerland, Belgium, the Netherlands and Luxembourg. Dell FS rolled out the new service on October 1st.
The Dell project follows the company's acquisition of the Dell related parts of CIT Vendor Finance last year, who employed over 100 staff at its Blackrock Co Dublin base on Dell related business in a joint venture between CIT and Dell. CIT one of the world's global leaders on asset finance, is a major provoder of vendor finance, and, is a major global aircraft leasing company with operations in Dublin.
The Taoiseach Enda Kenny T.D. said: “I am delighted that Dell is creating 200 jobs by selecting Ireland as the location for this strategic venture. At a time when we are working to rebuild the economy and the financial services sector it is a great vote of confidence for us to have a company of Dell’s calibre select Ireland as the home for its financial services business. I would like to thank Dell for its continued commitment to Ireland.”
IDA Ireland said that the selection of Ireland as the location for the establishment of the HQ for its EMEA financing business is a further sign of the continued investment in Dell’s operations in Ireland. Dell has invested €400m in in the roll out of Dell Financial Services in Europe. This includes start-up and employment costs in Ireland as well as the investment in acquiring customer portfolios that will be managed by the Irish-based team. The banks platform is supported by a team based in Dell Limerick.
In the initial phase of Dell Financial Services, there will be 200 employees based at Cherrywood. This number is expected to grow to 300 within the next three years as the business grows and expands.
Speaking at the announcement the Minister for Finance Michael Noonan said “The decision by Dell to have Ireland as their EMEA HQ for Dell Financial Services is a very positive development for the financial services sector in Ireland. We have a strong and well-established financial services sector in Ireland and combined with Dell’s track record here, I am sure that this venture will be a great success”.
Richard Bruton Minister for Jobs, Enterprise and Innovation said “International financial services is a key sector targeted in the Government’s Action Plan for Jobs. Today’s announcement that Dell, a world-leading innovator in the ICT sector, is establishing a financial services arm in Ireland is a great boost. I wish them every success with this new initiative, and pledge that we in Government will continue working to attract further investments like this in the coming months”.
The General Manager for the Dell Financial Services business in Europe, Cormac Costelloe said: “Over the past 18 months we have been building a strong team of financial services experts in preparation for the launch of our financial services business in Europe. Now that we have secured a full commercial bank licence we are in a position to offer our customers finance for their IT solutions. With the access to finance barrier removed customers can focus on investing in their business rather than worrying about the infrastructure to run it.
“Dell Financial Services is just one more way in which Dell is supporting and contributing to the success of our customers. We are delighted to be able to deliver this service from Dublin and I look forward to working with the team in the months and years ahead to grow and scale the business.”
Mr. Barry O’Leary, CEO at IDA Ireland said: “Dell is one of our highest-profile clients here at IDA Ireland. The decision to locate their European finance function here in Ireland is an endorsement of Ireland as a stable, well-regulated environment. The company’s choice of Ireland as a location for their finance business also reflects their confidence in finding skilled staff to suit their organisational needs the coming years. Dell is a key strategic client of IDA Ireland."
The Dell Financial Services package enables customers to:
• Conserve capital, preserve credit line: By providing financing Dell allows customers to focus more on investing in their business, not on the infrastructure to run it
• Manage cash flow: Payments can be structured to budget or cash flow requirements
• Prevent technology obsolescence: DFS lease solutions enable customers to regularly rotate their assets so that they can have the latest technology at all times
• Increase operational efficiency: Dell provides upgrade options and will dispose of old equipment so customers can focus on their business, not IT demands
• Lower total cost of ownership (TCO): Leasing facilitates a three-year technology rotation which reduces TCO by minimizing support and running costs
• Access total solution financing: Dell will finance entire solutions for the same company; this includes, for example, the software and services that a Channel Partner includes in their proposal |
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