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.

The lender will spend $16.1 million to open a new office in the city, which is slated to open by early 2026, according to a bank memo.