The new development centre will be inaugurated in Q4 2011. About 20 employees are expected to have taken up work at Avaloq Edinburgh by end of this year. Edinburgh is the United Kingdomâs number two financial market and home base to many global players in the financial sector. Moreover, the United Kingdom is one of Avaloqâs 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 will 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.
âIn our line of business, financial and software development expertise must always work hand in hand â 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.
In spite of the expansion to Scotland, the Avaloq Group stays committed to Switzerland and will continue to recruit, grow and expand in its home country.