DOB: Governor Rell Welcomes RBS Greenwich Capital Expansion in Stamford

{news} NEWS RELEASE


Governor Rell Welcomes RBS Greenwich Capital
Expansion in Stamford; 1,150 New Jobs Expected

June 29, 2006

Governor M. Jodi Rell today joined RBS Greenwich Capital and Stamford officials to welcome the financial services company at groundbreaking ceremonies for its new $400 million, 500,000 square-foot downtown facility – a project that represents 1,150 additional jobs for southwestern Connecticut.

“This is a huge project for the city and the state,” Governor Rell said, “and it makes me proud that a company of RBS Greenwich Capital’s stature recognizes the value of continuing to do business in Connecticut.

“The company’s leadership decided to stay here, invest here, and make a long-term commitment to the state,” the Governor said.  “RBS Greenwich Capital now employs 700 people in Connecticut.  As a result of this expansion, the firm projects an additional 1,150 jobs – that’s a lot of new, good-paying jobs.”

“The State of Connecticut and City of Stamford have been strong supporters of our efforts since day one,” said Ben Carpenter, co-CEO of RBS Greenwich Capital.  “In our view, the teamwork and cooperation behind this project are a perfect example of the great things that can be accomplished when public and private sectors work well together.”

RBS Greenwich Capital, a subsidiary of the Royal Bank of Scotland, is planning the facility to accommodate 600 new employees for its growing Connecticut operation and relocation of 550 hundred bank employees from New York, along with 700 employees moving from Greenwich.                                                                          

“In addition, the building project will also generate an estimated 800 new construction jobs,” the Governor said.

“Financial services companies employ over 54,000 people in Connecticut and are a key driver for our economy,” the Governor said.  “Our state, and Fairfield County in particular, is a hub for some of the world’s leading financial institutions. To have a company of RBS’s prominence make the business decision to invest $400 million and bring 1,150 additional jobs further demonstrates that we are making the right investments in our industries, workers, and education and transportation systems.”

The project is expected to result in $204 million in net new state tax revenue over ten years.  The positive impact on local tax revenues is projected to be $63 million over the same period. 

The state Department of Economic and Community Development is providing up to $100 million in Urban Reinvestment Tax Credits over ten years to support the project.  In addition, the Connecticut Development Authority has approved a $9 million sales and use tax exemption on construction materials. 

“The reality is that this project could easily have been taking place in another state, but Connecticut offered the right solutions to help the company reach its long-term business goals and objectives,” Governor Rell said.  “The leadership team at RBS Greenwich Capital found a site that met the expansion needs and allowed them to take advantage of the state’s mass transit system. In addition, they saw a commitment by all of us in state and local government to keep their growing company here. 

“We will continue to work with the Mayor and his economic development team to create—and capitalize on—opportunities like these in the future,” the Governor said.

About RBS Greenwich Capital

RBS Greenwich Capital, a wholly-owned subsidiary of the Royal Bank of Scotland Group (RBS), is a leading institutional fixed income firm providing the full range of debt capital markets services to both those seeking to raise capital and those seeking to invest it. Established in 1981, the firm is a perennial industry-leader in the U.S. treasury, agency and mortgage backed securities markets, and in providing real estate and asset-backed financing to its customers.

Working alongside its parent, RBS Greenwich Capital has established a significant presence in the U.S. credit, foreign exchange and derivatives markets. The firm also has a longstanding reputation in providing high quality futures brokerage services and trade strategies to select clients. For more information about RBS Greenwich Capital, visit www.rbsgc.com.