HSBC has announced that it is creating an additional 250 jobs at its Newport, Wales operation with an investment of over $27 million.

The decision by HSBC will also safeguard the existing 200 jobs in Newport, and transform the operation into a new customer service center for the bank’s UK customers.

The 200 employees at HSBC Newport currently administer the bank’s home and car insurance products. Following this investment, the operation in Newport will concentrate on developing its customer services provision, beginning in October 2009.

Alan Jarman, HSBC’s CEO for Wales, said: Our customers are increasingly choosing to bank online and over the phone, and our resources need to reflect this. HSBC chose to invest in Newport, Wales, because of our skilled local workforce and our confidence that we can continue to recruit high quality people over the next two years and beyond.