Swiss company taking on dozens of graduates
Financial software business Avaloq intends to create 500 jobs at its new Scottish base.
The Swiss company today confirmed it is recruiting for 75 graduate posts in Edinburgh with successful candidates being put through a six-month training programme.
Around 20 people are expected to be working at the software development centre by the end of the year with full capacity reached within five years.
It is the first time Avaloq has opened a site outside of Switzerland.
Francisco Fernandez, chief executive, said: "The UK is one of the most important strategic foreign markets for Avaloq.
"It is also a base for many important banking customers and Edinburgh is seen as the number two financial market in the country.
"We decided three years ago to create a second site to reach our growth targets. Edinburgh came top of our global search for several reasons, but one of the most important factors was due to the wealth of potential graduate talent available in Scotland and the number of universities offering excellent degrees in software engineering.
"We very much believe in working with the local talent to grow this operation and are optimistic about the forthcoming student fairs which will be used to identify the first Avaloq appointments."
Lena Wilson, Scottish Enterprise chief executive, said: "We have worked extensively with Avaloq to secure this investment in Scotland, which will bring 500 new jobs to Edinburgh.
"Working in collaboration with our public sector partners as part of Team Scotland, we successfully fought to bring these jobs to Scotland. In doing so, Scotland beat a number of other international locations being considered, and Avaloq's decision to invest here is testament both to our strong software skills base and Edinburgh's reputation as the leading UK financial centre outside of London.
"We are operating in a very competitive inward investment environment and, through our international arm Scottish Development International, we will continue to do everything we can to encourage more companies to locate in Scotland.
"Our message is clear; Scotland is very much open for business and is ready to compete on a global level."