AN IRISH bank is creating 20 jobs in Medway and pumping £60 million into local businesses over the next five years.

Bank of Ireland Business Finance has underlined Medway's attractions for financial services by choosing Medway City Estate for one of its new regional offices.

It has recently opened at Sunderland Quay. Ten staff, including regional manager Tim Clucas, from Rainham, have already been recruited, and a further 10 will be needed over the next few months.

Sales director John Evans, said the Bank of Ireland wanted to expand beyond its shores.

The Dublin-based bank, founded in 1783, has announced plans to loan £1 billion to small and medium sized businesses for equipment over the next five years.

Around £100 million will be invested in south east enterprises, with more than half - up to £60 million - expected to come to Kent and Medway

Mr Evans said: "We have 10 people in Medway and that will double over the next 12 months.

"We are talking about investing over £100 million in the local economy and I would think that probably over 50 - 60 per cent will be in Kent and Medway."

The bank was serious about its Medway operation. "Our brief is to create a business of substance," he said. "We are very much here for the long-term."

The bank is investing £15 million in its new regional structure and hopes to become a top five player in the British asset finance market.

Bank of Ireland Business Finance will advance sums ranging from £15,000 to £1.5 million for anything from cars and commercial vehicles to printing presses, production lines and information technology.