CITI OPENS ITS NEW GLOBAL RESEARCH, DEVELOPMENT, INNOVATION AND LEARNING CENTRE IN DUBLIN, IRELAND
Dublin - September 30, 2009 – Citi announced today that its Global Transaction Services business has opened its new global Research, Development, Innovation and Learning Centre at its offices located in Dublin. The Taoiseach, Brian Cowen, T.D., officially opened and toured the Centre.
Citi was the first financial services company to partner with the Irish Government to bring research and development projects to Ireland. Today, Citi announced the investment of a further USD 24 million for the development of a next generation intelligent payments solution. This brings Citi’s total investment in research and development in Ireland to date to USD 100 million. As a result of this investment, the number of employees involved in research and development will reach 100 by the end of 2010. These employees consist of research specialists, analysts and technologists.
The Research, Development, Innovation, and Learning Centre in Dublin will work closely with many leading technology companies, such as Microsoft and Cisco.
Speaking at today’s opening, the Taoiseach, Brian Cowen, T.D., said "I am pleased to officially open Citi’s Research, Development, Innovation and Learning Centre today. Citi was the first financial services company in Ireland to create a research and development facility. Innovation is what will make the difference in our economy. This investment and the high value jobs created here will contribute significantly to Ireland’s goal of becoming a knowledge driven and smart economy."
Francesco Vannid’Archirafi, Chief Executive Officer of Global Transaction Services and Chairman of Citibank Europe plc said: "The Research, Development, Innovation and Learning Centre will enable us to create the next wave of financial platforms and solutions for the financial services industry. We will continue to collaborate with major technology companies, with academia and with government to build upon this success. I would like to take this opportunity to thank the Irish Government and the IDA."
Citi has operated in Ireland since 1965 and now employs 2,000 people predominately in its Global Transaction Services business. The Research, Development, Innovation and Learning Centre in Dublin is Citi’s only dedicated research and development facility worldwide.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About Citi Global Transaction Services
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2009, it held on average $288 billion in liability balances and $11.1 trillion in assets under custody.