Citigroup, a major financial services company based in the US, has announced plans to create 500 jobs in Belfast over the coming 5 years. The corporation is planning to employ these staff in its Titanic Quarter offices.

The corporation’s Deputy First Ministers made the announcement on Thursday as they opened the new Titanic Quarter hub.

Citigroup’s first venture in Northern Ireland was in 2004; its investment in Belfast created 1,000 jobs. Peter Robinson, the First Minister, said that Northern Ireland’s investment potentials were nicely showcased at the US-Northern Ireland economic conferences, which took place in Washington this October.

Invest NI has provided over £8 million of support to protect Citi’s expansion against competition from other global locations. “This support will help to inject upwards of £16 million of new annual salaries into the local economy, providing the quality, world class employment opportunities that local people so richly deserve.”

This is a significant boost for the local economy, and comes at a time when global businesses are struggling to manage their way out of the economic recession. Citigroup says that it recognizes the skills, infrastructure and support that this region offers in supporting the corporation’s development and growth, both in Ireland and in global markets.