Tuesday 15 October 2019

Three more financial services companies confirm moves to Ireland before Brexit

Certainty: Matthew Wilson, CEO of Travelers Europe
Certainty: Matthew Wilson, CEO of Travelers Europe
Donal O'Donovan

Donal O'Donovan

Bermuda-based financial services group Apex announced yesterday that its subsidiary, European Depositary Bank (EDB), has received authorisation from the Central Bank of Ireland to operate in Ireland.

It will offer independent banking, depositary and custody services to institutional investors and asset managers.

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Meanwhile, US firm Travelers Insurance Company has secured UK court approval to move parts of its business from London to Ireland in order to maintain post-Brexit access to the EU.

Travelers received approval from the High Court of England and Wales to transfer its policies and historic liabilities written by its Irish, French, German and Netherlands branches from London to its newly established subsidiary, Travelers Insurance DAC in Ireland.

The move will provide certainty to policyholders in the EU, said Matthew Wilson, CEO of Travelers Europe.

Canada's Manulife Asset Management, which trades as John Hancock in the US, also confirmed the establishment of a new Dublin base.

Irish Independent

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