Canadian bank to stay in Brexit U-turn
One of Canada's largest banks has ditched plans to exit Ireland after Brexit persuaded it to ramp up its operations instead.
The decision, which centred on potential loss of passporting rights, is likely to take Toronto-Dominion Bank's staff at its IFSC unit from two to between 10-15 by the end of 2018.
It unveiled its post-Brexit strategy yesterday, in the midst of Taoiseach Leo Varadkar's official visit to Canada.
Mr Varadkar welcomed the move and described it as "an interesting Brexit story in that [TD Securities] were scaling down their operations in Dublin but as a consequence to that have decided to move their post-brexit EU hub to Ireland, so as a consequence to that there will be many more jobs, many more roles and a lot more money being routed through Ireland".
The Canadian bank has operated in Ireland, under the trading name, TD Global Finance, for almost two decades and its latest filed accounts for the year ending October 31 2015 show the lender had resolved to quit the State later this year.
In 2015, the firm recorded a 56pc fall in trading income to €16.2m while net profit sank by 38pc to €12.2m.
The accounts said "following a decision made in prior years to migrate certain of the company's activities to other parts of the TD Bank network, the board and management of the company continue to monitor the company's remaining activities as the business is wound down".
But the threat to the right to sell financial services in the EU prompted the radical rethink and resulted in the bank selecting Dublin as its European hub.