Announced on 15 March by Economy Minister Edwina Hart, it is the largest job creating inward investment project for the financial and professional services sector in Wales so far this financial year.
The expansion plan and jobs, to be located at Central Cardiff Enterprise Zone, were secured for Wales by the Welsh Government with £3m business finance support.
The Minister described it as a real economic boost and an important vote of confidence in Wales. The expansion will inject £18m in salary costs alone into the South Wales economy annually.
MotoNovo Finance, which provides car finance and insurance, will create 587 new jobs, bringing total jobs number to over 1000 by 2021.
The investment will see MotoNovo Finance, owned by South African based FirstRand Bank, increase its existing core motor finance business activities in Cardiff where it employs 424 people. It will expand and diversify into new markets and relocate to Central Cardiff Enterprise Zone where it will establish its new UK headquarters.
MotoNovo Finance is currently based in Llanishen and plans to establish its UK HQ in prestigious new offices in 1, Central Square, within Central Cardiff Enterprise Zone. Recruitment is due to commence in later this year.
Economy Minister Edwina Hart said:
“This is great news for Wales, for the financial and professional services sector, for Central Cardiff Enterprise Zone and above all for the employment opportunities it will create.”