UK insurer Standard Life is setting up a subsidiary in Ireland to sell investment bonds to private clients and small companies in the UK.

The company, Standard Life International, will be situated at the existing headquarters in Dublin and will receive a E30 million investment. Reports in the local media suggest that Dublin beat off competition from other sites such as the Isle of Man.

We chose Dublin because of the strong regulatory environment combined with the availability of a highly skilled workforce, commented Murray Drummond, chief executive of Standard Life International. The presence of our existing operation in Dublin was a significant factor in the decision. The company is expected to create 30 jobs in the next three years.