Of Special Interest
7th October 2011
SMFG unit moves systems development to Ireland
The Japan Research Institute Ltd, a subsidiary of Sumitomo Mitsui Financial Group is to begin systems development in Ireland. Interestingly the work is not being moved from Japan or the US, where the immediate parent company is based, but instead from India.
The low rate of corporation tax, financial incentives offered and large pool of skilled workers were given as the reasons for the development. The unit is very small starting with around 20 staff and expected to grow to around 100 within five years. It is thought that the Irish opening will be the first new opening by a Japanese company since Ireland's financial problems and EU bailout.