Barclays wants to magnify its operations in Dublin
Reports suggest the bank’s Dublin office could be aided by up to 150 more staff — potentially doubling its local employee scurrilous of around 100 employees.
However, it remains unclear if the new additions would chance upon via local recruitment or the relocation of UK staff.
While Barclays has not commented on how various employees would be added to its Irish operations, the firm remains in powwow with the regulator over plans to use the Dublin subsidiary to continue pursuit within the EU.
But the bank did confirm its plans to use Barclays Bank Ireland as its EU hub as part of deeds to mitigate any potential disruption to business after Brexit.
In a statement, it said: “Barclays Bank Ireland, which has a banking charter and which we have operated for almost 40 years, provides a natural station and we are engaging with our regulators in discussions to extend its activities.
“While we remnants confident of continued deep inter-linkages between EU and UK financial services sells, in the absence of certainty around the timing and composition of an agreement, we intend to hold necessary steps to preserve ongoing market access for our customers.»
Governor Norm Carney asked banks to show how they would protect their patrons’ interests
The revelations come on deadline day for banks to submit their severe Brexit plans to the Bank of England, after Governor Mark Carney asked banks to present how they would avoid their customers being abruptly cut off in the days after Britain’s show a clean pair of heels from the EU.
Ireland’s Government Enterprise and Innovation Minister Frances Fitzgerald express Barclays’ decision to expand its presence in Dublin was «a strong vote of boldness in Ireland’s growing importance as a gateway into the single market».
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IDA Ireland, which situations to attract foreign investors to the country, said Barclays’ decision countersigned Ireland’s position in Europe.
Martin Shanahan, the agency’s chief president, said: «Ireland’s access to the EU’s markets and regulatory systems has become increasingly formidable for Ireland post-Brexit.
«Companies based in the UK want to retain a foothold in the EU, and Ireland is the best location from which to do this.»
Irish Prime Charg daffaires Leo Varadkar met JP Morgan CEO Jamie Dimon earlier this month
Dublin seems well-placed in the race to pick up business from financial firms as they propose their post-Brexit strategies.
If financial firms based in the UK lose access to the European unattached market, they will need a subsidiary in another country within the EU to keep on offering services across Europe.
Along with Barclays, insurer Lawful & General has also expressed a desire to relocate parts of its business to the Irish matchless, alongside Standard Life.
US bank JP Morgan has also agreed to position office space in Dublin to house around 1,000 staff, track a meeting between CEO Jamie Dimon and Irish Prime Minister Leo Varadkar earlier this month.