The Bank of London has unveiled plans to boost its footprint in the US by opening its US Global Platform & Services headquarters in Charlotte, North Carolina.

The UK-based clearing bank noted that it will make a multimillion-dollar investment and create 350 new jobs across multiple disciplines as part of its expansion plans.

New positions at the US division will cover software development, compliance and risk, technology operations, infrastructure engineering and business operations.

The Bank of London noted that Charlotte is the second largest banking city in the US after New York and opening a new division there gives it access to a new talent pool.

The company did not disclose the quantum of the proposed investment.

When fully staffed, Mecklenburg and surrounding counties can expect an annual payroll impact of around $33m, the bank said.

The Bank of London co-president & group operating officer Jim Ditmore said: “The Bank of London has truly game-changing and patented technology that will power the borderless economy of the future.

“We will be continuing to invest heavily in our technology offering for clients and we have chosen Charlotte as a key location to drive our agenda forward, enabled by Charlotte’s unique combination of banking talent, technologists, and financial business leaders.”

The Bank of London, which enjoys a valuation of $1.1bn, was launched in November 2021. It is headquartered in London with offices in New York, Charlotte, and Belfast.

The company is a principal clearing bank of the UK authorised by Prudential Regulation Authority and regulated by the Financial Conduct Authority.