A Clonakilty based finance company has secured a major deal with one of the world's largest banking groups, Citigroup, during a Government backed Trade Mission to the US, according to the Minister for Enterprise, Trade and Employment, Micheál Martin, TD.

Speaking at the announcement of the deal in the New York headquarters of Citigroup, Minister Martin said that since opening for business a year ago as a specialised finance administration company, Global Shares, which is based in Clonakilty, has established a reputation which has impressed some of the biggest companies in the world of banking.

"Under the deal Global Shares will provide outsourced administration and reporting services for key Citigroup clients. The fact that the Managing Director of Citigroup attended the event in New York and has visited Global Shares in Clonakilty underlines the significance of this deal. Global Shares team of 25 people have shown you do not need to be based in the docklands of Dublin or one of Europe's finance capitals to deliver specialised financial services.

"This deal will allow for significant expansion by Global Shares, both in terms of finance and in terms of staff. Earlier this year I was honored to officially open Global Shares operation in the West Cork Technology Park, since then the level of growth has been phenomenal with the company now using Clonakilty as a base for operations in nine countries. I am confident this agreement will lead to further expansion into the future."

"The fact that this deal was announced during an Enterprise Ireland Trade Mission is also significant as the state agency is at the forefront in promoting Irish companies in US markets. In recent days 65 Irish firms have been involved in the mission with an estimated $90 worth of business concluded. Irish firms now employ almost 90,000 people in the United States and Enterprise Ireland believe there is a real opportunity for further expansion in many sectors of industry, Global Shares has shown what can be achieved and I am confident other firms will be following their lead," concluded the Minister.

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