The Avaloq Group, the reference for integrated and comprehensive banking software solutions, plans an additional development centre with Edinburgh, Scotland as the favoured location.
Avaloq aims to provide 500 additional jobs over the next 5 years at the new development centre and gain access to a vast pool of talents.
The new development centre would be inaugurated in Q4 2011 with about 20 employees expected to take up work by end of this year. Edinburgh is the United Kingdom's number two financial market and home base to many global players in the financial sector. Moreover, the United Kingdom is one of Avaloq's most vital markets, where several important customers and prospects such as Loyds TSB, HSBC, Standard Chartered and RBS are headquartered.
Scotland has a strong banking tradition and features 15 universities that train 2000 highly qualified computer graduates every year. Edinburgh would thus provide the same quality standards in software development as the development centre in Switzerland. In addition, Edinburgh offers a very high standard of living and has excellent infrastructure available.
"In our line of business, financial and software development expertise must always work hand in hand - the value chain of innovation cannot be split. Employees developing software for Avaloq need to be in an intense dialogue with bankers. With our development centres in UK and Switzerland, I am looking forward to create innovative software solutions in the most sophisticated financial centres of the world", said the Avaloq CEO Francisco Fernandez.
The Avaloq Group stays committed to Switzerland, even with an expansion to Scotland, and will continue to recruit, grow and expand in its home country.