In addition, on its website the company notes it has offices in strategically important financial centres around the world, including London, Paris, Frankfurt, Luxembourg, Vienna, Geneva, Moscow, Singapore and Hong Kong.

Avaloq CEO Francisco Fernandez is reported  by the Edinburgh Evening News as saying the quality andavailability of talent in and around Edinburgh "stood out" when choosing a location for the centre. He said the Capital was "close to Zurich" in size, culture and efficiency and would "provide the same quality standards in software development as the development centre in Switzerland."

"Edinburgh is the United Kingdom's number two financial market and home base to many global players in the financial sector. Moreover, the United Kingdom is one of Avaloq's most vital markets, where several important customers and prospects such as Lloyds TSB, HSBC, Standard Chartered and RBS are headquartered.

Frenandez adds: "In our line of business, financial and software development expertise must always work hand-in-hand - the value chain of innovation cannot be split. Employees developing software for Avaloq need to be in an intense dialogue with bankers. With our development centres in the UK and Switzerland, I am looking forward to creating innovative software solutions in the most sophisticated financial centres of the world."