Credit Suisse Plans $70.5 Million Expansion In Research Triangle Park, North Carolina
Credit Suisse is one of the world’s leading financial services providers, offering clients its combined expertise in private banking, investment banking and asset management.
“Over the past decade, Credit Suisse Raleigh has become an important and effective center supporting our U.S. businesses,” said Eric Varvel, President & CEO of Credit Suisse USA. “We have had a long commitment to North Carolina, our people and their families in the Raleigh community, and we pride ourselves on fostering a truly inclusive and high-quality work environment for our employees here and around the world.”
“We opposed HB2, which was at odds with these core values. While it was on the books, we chose to halt our expansion plans in the state and consider other options. We realize the recent repeal of HB2 contains some compromises, and while not perfect, it is an important first step that re-establishes the minimum conditions for us to expand our presence in the state,” Varvel explained.
“We thank Governor Cooper and the North Carolina legislature for their leadership and cooperation on this key issue. We will continue our commitment to promote diversity and inclusion for all of our employees, and look forward to attracting the top talent in the Triangle and North Carolina to join us and to build their careers at Credit Suisse,” he added.
Credit Suisse’s expansion in Wake County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Under the terms of the JDIG, the company is eligible to receive up to $40.2 million in total reimbursements. Payments will occur in annual installments over 12 years pending verification by N.C. Commerce.
Revenue that the company has met incremental job creation and investment targets. JDIGs reimburse new and expanding companies a portion of the newly created tax-base while still increasing the overall revenue benefit to the state of North Carolina.
“Credit Suisse has enjoyed a strong presence in North Carolina for more than a decade, and they’ve flourished here,” said Governor Roy Cooper. “We’re encouraged that this commitment to North Carolina will bring high-paying jobs and spur economic development across our state."
“Credit Suisse is just the kind of financial services company with an international footprint needing a broad talent base that creators envisioned for Research Triangle Park,” said North Carolina Commerce Secretary Anthony M. Copeland. “With its location between our three flagship universities and unparalleled quality of life, companies like Credit Suisse thrive here.” N.C. Commerce and the Economic Development Partnership of N.C. led the state’s support for the company’s expansion.
According to state officials, By law JDIG projects must result in a net revenue inflow to the state treasury over the life of the award. For projects in Wake and other Tier 3 counties, 25 percent of the eligible grant is directed to the state’s Industrial Development Fund – Utility Account to help finance economic infrastructure in rural counties. The Credit Suisse expansion could provide as much as $13.4 million in new funds to help rural areas through the Utility Account. More information on county tier designations is available here.
Partnering with N.C. Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, Wake County Economic Development, Wake County, NC State University, Capital Area Workforce Development Board, The Research Triangle Park Foundation and Duke Energy.
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