(Bloomberg) -- Standard Chartered Plc is opening a new office in Poland, taking advantage of lower-cost skilled labor to build a hub for cyber-security and other technological support as it pushes outside its Asian heartland.
The Warsaw office will be the center for the global business services division outside Asia, which manages cross-border financial risk and technology services, the British-based bank said in a statement Thursday. There will be a mix of local hires and roles moved from elsewhere, with the aim of building staffing to 750 over the next five years.
The new office opens in September. Standard Chartered joins other international banks establishing new operations in Poland: JPMorgan Chase & Co. said last year that it would hire 3,000 people over three years to service the bank’s global operations.
"As the bank increases its focus on clients based in Europe and the Americas, we believe it has become essential to create a western hub that can support them fully in a more beneficial time zone," Stephen Sheridan, chief operating officer for Europe and the Americas, said in the statement.
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