Citigroup could earn nearly $9 million in tax incentives from the state of North Carolina over the next decade as the bank looks to hire more than 500 employees in Charlotte — one of the country's banking meccas.

"Charlotte stood out as a location where we had a unique opportunity to invest by establishing a formal presence," said Edward Skyler, Citi's head of enterprise services & public affairs. The average salary for the new positions is projected to be $131,832, according to the official release.

Citigroup is set to expand its operations in Charlotte, North Carolina, with a $16.1m investment in a office facility in Mecklenburg County. The move is set to create 510 new jobs. This development was disclosed by Governor Josh Stein in a recent press statement.