Friday 21 July 2017

Standard Life considering Ireland as possible EU base

Standard Life could make Dublin its EU headquarters
Standard Life could make Dublin its EU headquarters

Sean Duffy

Standard Life is considering increasing the size of its Dublin operation as a result of Brexit.

The company has confirmed that Ireland is on a list of possible destinations that will be considered once Brexit negotiations get under way.

That would require the company-which currently employs around 300 people in Dublin- to turn its operation here into a subsidiary of the UK business.

A source close to the company stated it was likely the company would choose to move its European base to one of Ireland, Germany or Austria. Standard Life has around 500,000 customers spread across the three countries.

One possibility flagged by Standard CEO Sir Gerry Grimstone was that Dublin could become the base from which the company passports into the rest of the EU. In this instance, Standard would then make its German business a branch of the Irish business.

A source with knowledge of the situation told Independent.ie that it was likely the company will wait to see how Brexit negotiations are unfolding before it undertakes concrete relocation plans.

CEO Grimstone believes the financial sector to suffer a drop in European business as Brexit negotiations unfold.

“I will confidently say that London is likely to be smaller as a financial centre and that’s no secret,” he said.

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