Investec has opened an office in Cork city in a move to strengthen its presence in southern Ireland.

The Munster office is expected to create ten jobs and will be staffed by a local team. The South African bank already has 240 staff in Dublin.

Investec provides specialist banking services such as treasury, corporate finance, and wealth and investment mostly in the corporate SME sector and for those requiring wealth management services.

A spokeswoman told Leasing Life: "Investec are not doing asset finance out of the Muster office at the moment. However, Investec Asset Finance do have a very limited presence in Ireland – working with familiar local brokers and select established companies."

Investec global head Ciaran Whelan said: "As a business, we’ve grown significantly in Ireland over the past five years providing competitive, value-added specialist services for corporate, SME and wealth management clients.

"Investec continues to invest in Ireland, and sees great opportunity in the region and the country in the long term. Cork city is a natural next step in the group’s expanding footprint in Ireland, housing many of the world’s leading companies in technology and pharmaceuticals.

"Having doubled our headcount in Ireland over the past few years our next challenge is to help firms in Ireland experience similar growth," he added.