AIB and Bank of New York will create 200 jobs in a new fund administration centre in Cork, the companies announced today.
The banks have secured a 20,000-square-foot facility at the Airport Business Park which will house its new operations.
The joint venture will be looking to employ up to 50 staff initially to start operations in April 2006.
Over the following two years this number will increase to 200. AIB/Bank of New York is one of the country's largest fund administrators, with $162 billion worth of funds under administration in Ireland.
The AIB/BNY Joint Venture commenced in 1997, employing 40 people.
Over the following eight years AIB/BNY has grown to be one of the largest employers in the IFSC, with 495 people employed with the joint venture today.