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Today, Deutsche Börse Group and its post-trade services provider Clearstream celebrated the official inauguration of their new office at Navigation Square in Cork, Ireland. The expansion shows that Cork has become a vital and successful hub for the investment funds operations and one of the major locations for Clearstream.
Expanding its footprint in Cork, the move to the new location “NSQ1” reflects Clearstream’s growing funds business. “This is a very special day for Clearstream. It is more than just the inauguration of a new office, it is a commitment for us and the community to making our business thrive in what is a great ecosystem for funds, leveraging proximity to customers and talent alike,” said Stephan Leithner, responsible Member of the Executive Board of Deutsche Börse AG and Clearstream Chairman.
Tánaiste Simon Coveney also attended the inauguration event: “When an international company of Clearstream’s stature decides to significantly expand its operations, it shows the potential that Cork offers for companies such as Clearstream to grow, particularly in terms of talent availability, proven track record and the scale of the technology and financial services sector in the region. Deutsche Börse Group and Clearstream are valued members of the business community and we are proud of their decision to strengthen their commitment to Cork.”
IDA Ireland’s Head of International Financial Services, Kieran Donoghue, added: “Clearstream is a valued and respected employer in Cork, adding substantially to the local and wider regional economy. Having an international financial services company of this calibre expand its operations in Cork will act as an excellent reference seller for other similar potential investment and enhance Cork’s reputation as a location of choice for such investment.”
In June of this year, Clearstream had already moved its operations to Navigation Square. The move to the city centre brought together the two sites at Airport Business Park and Eastgate Business Park, under one roof.
“Our new office reflects our company culture,” said David Brosnan, Head of Clearstream Global Funds Operations and the Cork location. “The new central office provides a platform for our dynamic and innovative staff to work and collaborate with each other. With its central location, NSQ1 not only enhances our international reputation as centre of excellence but also attracts the best of talent to our already amazing team.”
In addition to the Group’s funds processing operations and product development activities, the newly renovated space also houses administrative functions. In total, Deutsche Börse Group expects around 600 employees to work in Cork by 2020.
