Monday 24 June 2019

Barclays reveals Brexit plan to double Irish staff

Stock image
Stock image
Gavin McLoughlin

Gavin McLoughlin

Barclays has revealed major expansion plans for Dublin, with ambitions to double its headcount here to 300 by the end of next year and find more Irish clients.

The bank has made Dublin a new hub for Irish operations after the Brexit vote.

It wants to grow its business here, providing banking for large companies and wealthy individuals.

But the bank is not looking to go into the retail banking market - providing every day services like current accounts or mortgages.

"The attractive fundamentals of the Irish economy, along with the scale and ambition of indigenous corporates, means that we are in a strong position to grow our presence in the Irish market further," said Barclays Bank Ireland CEO Kevin Wall.

"We intend to build significantly on the successful platform that we have built up over the past 40 years by strongly pursuing opportunities to grow the business, providing a wide range of banking services to large corporate entities and advisory services to private banking management clients."

The private banking arm - set to be fully up and running here next year - is designed to service high-net-worth individuals, family investment companies, entrepreneurs and pension funds.

"The private bank provides customised banking and credit solutions as well as offering a range of tailored and exclusive investment opportunities," Barclays said yesterday.

The announcement was made at the official opening of the bank's new Dublin office on the corner of Dawson Street and Molesworth Street.

Barclays' Irish arm will have more assets than AIB and Bank of Ireland, as it shifts direct ownership of its French, German and Spanish branches from a British-based entity to its Irish bank.

It will have total assets of around £224bn (€250bn) after absorbing all the European business, out of £1.1trn for the entire bank as of the end of 2017, Barclays said in a presentation to investors earlier this year.

Banks are trying to ensure that even under a no-deal scenario, where Britain would crash out of the EU without any agreements in place, they would still be able to serve EU customers the same way as before.

Barclays group CEO Jes Staley said: "This is a very exciting time for Barclays in Ireland as we look to leverage the successful platform that we have built over our past 40 years in Dublin to continue delivering our sophisticated suite of services to clients across Ireland and our other European markets.

"The choice of Ireland to be the focal point for our European operations was a clear one given the unique business and cultural links between the UK and Ireland and we are very proud to be playing a role in the continued evolution of financial services in Ireland."

Additional reporting Reuters

Indo Business

Also in Business