Citi and its predecessors have had a presence in Ireland since 1965 and were one of the first foreign banks to open an office here. The company now employs 2,500 people in Dublin and is the largest employer in the IFSC (International Financial Services Centre). Citi celebrated its 50th year in Ireland in 2015.
Citi offers a broad range of financial services and products to multinational and Irish organisations as well as the Government and public sector. The range of products and services include: cash management, rate risk management, (FX and interest rates), funding, investor products, corporate finance, trade services, custody, trustee services, fund administration, transfer agency, outsourcing and shareholder services. Citi also operates the Citi Service Centre, one of four in EMEA
Citi Service Centre
Citi has been operating the Citi Service Centre in Ireland for over 20 years. A core element of the Citi Service Centre model is delivering and implementing best practices within site governance, risk and controls, communication, talent and community investment, while concentrating like functions in like locations. The Citi Dublin Service Centre is a strategically important location for both Operations and Technology functions, representing approximately 1,800 employees. Core operations processes include Securities and Investor Services, Treasury and Trade Services, and Banking as well as global functions.
Technology represents a significant growth area within the Citi Dublin Service Centre and has been a key contributor to Citi Ireland's success, seeing the development of core technology competencies co-located with product and operations teams. The Citi Dublin Service Centre has seen a continued growth in technology which is focused on product innovation and application development making Dublin a key global hub for application development and architecture, including mobile architecture and engineering, solutions architecture and development, engineering and test automation.
Citi Innovation Lab, Dublin
In 2005, Citi Dublin was the first financial services organisation to set up a dedicated research and development facility in Ireland with government support and an investment spend of €10 million. The initial focus of the centre was on developing products for the TTS and Securities Services businesses, providing innovative solutions for the investment management industry.
In July 2008, Citi announced a further commitment of €35 million in the Citi Innovation Lab for research into the next generation of eBanking. This investment was for research into new technologies such as mobile, web and digital services.
In December 2008, a further investment of €16.35 million was announced for the development of the next generation of Worldlink, Citi's flagship cross border payments product which operates in 135 currencies covering 150 countries. In September 2009, Citi Innovation Lab was opened with the announcement of 100 new jobs. To date, Citi has invested €61.35 million in R&D in Ireland.
There are currently 400 people employed in high value research and technology roles in Citi Dublin. Citi has now established additional Innovation Labs in Singapore, Israel, Miami and Palo Alto, using the Dublin model to create a global network.
Citi operates a number of legal vehicles in Ireland.
Citibank Europe PLC
Citibank Europe Plc is Citi's single EU-passported bank, with operations in 21 countries across the EMEA region, headquartered in Ireland. Originally, Citibank Ireland Financial Services plc was granted a banking licence in May 2001 by the Central Bank of Ireland. It is an EU bank carrying a fully unrestricted EU banking licence and is regulated by the Central Bank of Ireland. The bank has a long-term rating by Moody's of A2 and a short-term rating of P 1. Standard and Poors have assigned a long term rating of A and a short term rating of A 1. The bank was renamed Citibank Europe plc (CEP) to reflect the wider European role of the bank.
The products and services operated by Citibank Europe Plc are Worldlink Payment Services, European Funds Transfer, Export Letters of Credit, Insurance Letters of Credit, Trade Finance, Export Agency Finance, Import Letters of Credit, Global Custody, Depositary Receipts, CitiNetting, Prepaid Cards, Distribution of Money Market Funds through Online Investment Platform, Global Receivables, Securities Finance, Direct Custody and Clearing Services, Fund Valuations and Transfer Agency Services.
As at 2015, Citibank Europe Plc had a pro-forma net income of US$800 million, assets of US$50 billion, and 9,000 employees, approximately half of which are working within Citi Service Centres.
(See in the Finance Dublin Yearbook 2016)
Senior Executives [full info]
Related IFSC Companies
Citigroup Global Markets Limited
Citi Depository Services Ireland Limited
Citibank North America
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