Avaloq Group AG, a closely held Swiss banking software developer, is recruiting 75 graduates from Scottish universities for a development center to be opened in Edinburgh that will create 500 jobs over the next five years.
Avaloq chose Edinburgh for its second development site because Scottish universities produce 2,000 computer graduates a year and the Scottish capital is the U.K.’s second-biggest financial center, the Zurich-based company said in an e-mailed statement issued by the Scottish government today.
“Avaloq’s commitment to recruit 75 new graduates from Scottish universities is terrific news for new graduates in Edinburgh and across Scotland,” Scottish First Minister Alex Salmond said in the statement. Locating in Edinburgh “is testament to the high quality of Scottish education and enhances the strength of the city’s international reputation for finance and IT services.”
The Swiss company, which was founded more than 25 years ago, supplies 75 banks in 20 countries with specialist software, according to its website.
“Edinburgh came top of our global search for several reasons,” Chief Executive Officer Francisco Fernandez said in the statement. “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.”
Editors: Peter Branton, Robert Valpuesta