The Bank of New York is opening a new business centre in Manchester which will create about 350 new jobs in the North of England by summer 2006.
BoNY says it has seen substantial growth in its activities in the UK and in Europe in the past five years and it expects this growth to continue.
Tim Keaney, EVP and head of Europe, Bank of New York, says: "We chose Manchester because it has an excellent transport and business infrastructure, a wide and deep pool of talent, and it aligns with regulatory and customer expectations of diversifying our business locations."
The bank is working with the Manchester Investment and Development Agency Service (Midas), The Northwest Regional Development Agency (NWDA) and property developer FPD Savills to identify the best location for the 40,000 sq ft facility.
Steven Broomhead, chief executive, NWDA, says the invesment by BoNY in Manchester is "solid evidence of the ever increasing confidence in the city as an international business location".
BoNY employs 3000 staff in the UK and currently has offices in London, Swindon, Liverpool and Edinburgh.