Tuesday 22 August 2017

Barclays banks on Dublin as post-Brexit base

Jes Staley, chief executive officer of Barclays
Jes Staley, chief executive officer of Barclays

Louise Kelly and Donal O'Donovan

The UK-based Barclays Bank is in talks with Irish regulators to expand here in order to continue servicing customers in the European Union after Brexit.

The plan is to develop Barclays Bank Ireland, the licensed entity it already has here. "Barclays intends to utilise an existing licensed EU-based bank subsidiary to continue passported activity," the bank said.

"Barclays Bank Ireland....provides a natural base and we are engaging with our regulators in discussions to extend its activities," it added. Barclays has a staff of around 100 in Ireland. Its CEO, Jes Staley, along with Helen Keelan, who chairs Barclays Bank Ireland, met Taoiseach Leo Varadkar on Monday, the bank said.

Last month Barclays appointed Kevin Wall, a highly experienced investment banker, to head up the bank's operations here in an early signal of the intention to ramp up the Irish arm.

The Barclays move "is a further endorsement of Ireland's strong offering to the International Financial Services Sector", IDA chief Martin Shanahan said.

"Ireland's access to the EU's markets and regulatory systems has become increasingly important for Ireland post-Brexit," Mr Shanahan said.

"Companies based in the UK want to retain a foothold in the EU, and Ireland is the perfect location from which to do this."

Barclays joins JPMorgan in expanding its existing presence in Dublin in the wake of Brexit. However, Frankfurt is so far the big winner from Brexit linked banking relocations.

Standard Chartered, Nomura, Sumitomo Mitsui and Daiwa have all picked the German city as their future EU hubs and Citigroup, Goldman Sachs and Morgan Stanley are tipped to follow.

Irish Independent

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