Press Release 26 Sep 2013

Taoiseach Enda Kenny T.D.; Mr. Michael Noonan T.D., Minister for Finance; and Mr Richard Bruton T.D., Minister for Jobs, Enterprise and Innovation, today joined Aongus Hegarty, Dell’s President of Europe, Middle East and Africa and Cormac Costelloe, General Manager, Dell Financial Services, EMEA to officially launch Dell’s bank in Ireland.  Following the award of a full commercial bank license by the Central Bank of Ireland at the end of June, Dell, through its customer financing arm, Dell Financial Services, is providing direct financing to business customers across Europe from its HQ in Cherrywood Business Park in south Dublin. Dell Financial Services’ Dublin-based bank, Dell Bank International Limited, is providing commercial loans and leases to small, medium and large enterprise customers in the U.K., Ireland, Germany, Austria, Switzerland, Belgium, the Netherlands and Luxembourg.  

Speaking at the official announcement that Dell has established a commercial bank in Ireland with the creation of 200 jobs in the first phase, Taoiseach Enda Kenny T.D. said: “I am delighted that Dell is creating 200 jobs by selecting Ireland as the location for this strategic venture. At a time when we are working to rebuild the economy and the financial services sector it is a great vote of confidence for us to have a company of Dell’s calibre select Ireland as the home for its financial services business. I would like to thank Dell for its continued commitment to Ireland.”

The selection of Ireland as the location for the establishment of the HQ for its EMEA financing business is a further sign of the continued investment in Dell’s operations in Ireland. Dell has invested €400m in in the roll out of Dell Financial Services in Europe. This includes start-up and employment costs in Ireland as well as the investment in acquiring customer portfolios that will be managed by the Irish-based team. The banks platform is supported by a team based in Dell Limerick.

In the initial phase of Dell Financial Services, there will be 200 employees based at Cherrywood. This number is expected to grow to 300 within the next three years as the business grows and expands.

Speaking at the announcement Minister for Finance Mr. Michael Noonan T.D stated “The decision by Dell to have Ireland as their EMEA HQ for Dell Financial Services is a very positive development for the financial services sector in Ireland.  We have a strong and well-established financial services sector in Ireland and combined with Dell’s track record here, I am sure that this venture will be a great success”.

Mr. Richard Bruton T.D., Minister for Jobs, Enterprise and Innovation said “International financial services is a key sector targeted in the Government’s Action Plan for Jobs. Today’s announcement that Dell, a world-leading innovator in the ICT sector, is establishing a financial services arm in Ireland is a great boost. I wish them every success with this new initiative, and pledge that we in Government will continue working to attract further investments like this in the coming months”.

Commenting on the announcement, Mr. Aongus Hegarty, President, Dell EMEA said “We are delighted to build on our existing presence in Ireland through the establishment of the Dublin-based Dell Bank International Limited. This development is a further example of the continued investment in our Irish operations in Cork, Dublin and Limerick. “We are delighted with the support received from the Government and the Central Bank of Ireland which has enabled us to secure a full commercial banking licence. As a result, we plan to build out our financing business from here, facilitating our goal to bring a diverse range of financial solutions to our customers throughout Europe.”

This expansion of Dell’s financial services business in Europe is a major milestone for Dell and will further enhance the range of end-to-end scalable solutions and services that the company offers customers.  Dell’s financial services business provides a real alternative to bank and other sources of IT financing in Europe where access to capital remains a key obstacle for many businesses. The General Manager for the Dell Financial Services business in Europe, Cormac Costelloe said: “Over the past 18 months we have been building a strong team of financial services experts in preparation for the launch of our financial services business in Europe. Now that we have secured a full commercial bank licence we are in a position to offer our customers finance for their IT solutions. With the access to finance barrier removed customers can focus on investing in their business rather than worrying about the infrastructure to run it.

“Dell Financial Services is just one more way in which Dell is supporting and contributing to the success of our customers. We are delighted to be able to deliver this service from Dublin and I look forward to working with the team in the months and years ahead to grow and scale the business.”

Mr. Barry O’Leary, CEO at IDA Ireland said: “Dell is one of our highest-profile clients here at IDA Ireland. The decision to locate their European finance function here in Ireland is an endorsement of Ireland as a stable, well-regulated environment. The company’s choice of Ireland as a location for their finance business also reflects their confidence in finding skilled staff to suit their organisational needs the coming years. Dell is a key strategic client of IDA Ireland."

Dell’s customers can now get direct financial support for all their IT solutions and will be able to leverage the scale of Dell’s operations across EMEA and benefit from the global consistency of Dell’s financing terms and conditions. Through DFS, Dell will also be able to provide much needed capital to small- and medium-sized businesses looking to invest in new technology to give them a competitive edge and grow their companies.

Dell Financial Services will enable customers to:
•  Conserve capital, preserve credit line: By providing financing Dell allows customers to focus  more on investing in their business, not on the infrastructure to run it
•  Manage cash flow: Payments can be structured to budget or cash flow requirements
•  Prevent technology obsolescence: DFS lease solutions enable customers to regularly rotate their assets so that they can have the latest technology at all times
•  Increase operational efficiency: Dell provides upgrade options and will dispose of old equipment so customers can focus on their business, not IT demands
•  Lower total cost of ownership (TCO): Leasing facilitates a three-year technology rotation which  reduces TCO by minimizing support and running costs
•  Access total solution financing: Dell will finance entire solutions for the same company; this includes, for example, the software and services that a Channel Partner includes in their proposal

 
For further information please contact:
Suzanne Sullivan, Q4PR, 01-4751444/086-3797291
 
About Dell
Dell Inc. (NASDAQ: DELL) listens to customers and delivers innovative technology and services that give them the power to do more. For more information, visit http://www.dell.com

Dell employs 2,500 people in Ireland at campuses in Cork, Dublin and Limerick.

About Dell Financial Services
Since 1997, Dell Financial Services has been delivering financing solutions that enable and enrich the Dell customer experience. As Dell’s dedicated financing arm, Dell Financial Services facilitates customer financing of products, solutions and services and annually funds $4billion of Dell and non-Dell IT equipment for Dell customers globally.  We provide direct financing in the U.S., Canada and now in Europe as the captive finance company of Dell Bank International Limited. We also have international capabilities with a network of strategic lessors in more than 50 countries globally. In Europe, Dell Financial Services is based in Dublin, Ireland and currently offers finance on Dell products directly to customers in eight countries. 

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