A new mortgage lender headed by former Birmingham Midshires executives is set to create nearly 250 jobs in the West Midlands.
The company, Edeus, which is operating from offices at Wolverhampton Business Park, said the jobs would be generated over five years.
The Wolverhampton operation will be an underwriting, administration and broker support centre for Edeus's new specialist mortgage lending business.
It is headed by chief executive Michael Bolton, chief operating officer John Nixon and managing director Alan Cleary who previously worked for Wolvrhampton-based BM Solutions, part of the specialist lending arm of banking group HBOS which owns Birmingham Midshires.
Mr Bolton said: "We're establishing a home in Wolverhampton for Edeus.
"The Midlands has been hit hard by the job losses at Rover and our goal is to have as many Midlanders on the Edeus team as possible.
"Ours is definitely a good news story for the local community, creating hundreds of new jobs and providing a welcome boost.
"We've already begun the hiring process, so it won't be long before Wolverhampton sees the benefit of our investment."
Sean Mulligan, managing director of local recruiter Career Prospects, said: "The fact Edeus chose Wolverhampton demonstrates the potential for future growth of innovation-based high-tech companies here."
Edeus, which is due to begin trading in September, aims to become a major new entrant in the UK specialist mortgage lending industry.
