Friday 18 August 2017

Credit Suisse advances plan for Dublin move ahead of Brexit

Investment bank laying groundwork for Dublin expansion, write Samantha McCaughren and Ronald Quinlan

Credit Suisse
Credit Suisse

Samantha McCaughren and Ronald Quinlan

Investment bank Credit Suisse has taken significant steps towards increasing its presence in Ireland ahead of the March deadline for triggering Brexit.

A number of sources have said that the bank is laying the groundwork for expanding its operations in Dublin.

Late last year, the company registered a new Irish subsidiary - Credit Suisse Fund Services (Ireland) - and over the last four weeks the group has submitted several new documents to the Companies Office in relation to this entity.

A new constitution for the company has been filed stating it would "provide all services" connected with the administration of investments, the management and/or advisory of companies and the issuing of shares.

Ulrich Roth, a senior Credit Suisse portfolio manager, has also been appointed as a director of the new company.

The bank launched a trading floor in the Irish capital in January 2016 to service hedge funds, creating 100 jobs in the process. It is understood that the bank may more than double its workforce here.

The Sunday Independent also understands that Credit Suisse is being aggressively pursued by developer Johnny Ronan's company, Ronan Group Real Estate (RGRE), to expand its Dublin presence.

The company has its Dublin trading floor at the RGRE-owned Kilmore House at Spencer Dock in the IFSC.

Noreen Doyle of Credit Suisse
Noreen Doyle of Credit Suisse

While the building wouldn't have the capacity to meet Credit Suisse's additional requirements in the event of its expansion in Dublin, sources familiar with the matter said that RGRE may offer the company new premises at Spencer Dock capable of accommodating both its existing Dublin employees and any new employees.

RGRE is developing one million square feet of offices, residential and leisure space at Spencer Dock.

Credit Suisse has also considered moving jobs to Frankfurt as a result of the Brexit vote.

Board member Noreen Doyle said last month that the lender was in the "early stages" of exploring alternative locations to London and was "very pleased" with its operations in the Irish capital.

To date Credit Suisse has said it does not have any preferred location. Several other banks are considering Ireland for expanded operations.

Sunday Indo Business

Also in Business