Barclays, a multinational banking and financial services company, is preparing to make Dublin its EU headquarters after Brexit.
The banking giant is also aiming to add 150 employees in its Dublin office. Currently, Barclays has a small operation in the Irish capital, employing around 100 people, a number which is expected to grow strongly in recent months.
Barclays is expected to inform investors about its Brexit contingency planning on February 23, the date when it will unveil its full-year results.
Brexit forces banks to flee London
International banks have started to unveil their plans to shift jobs and set up offices within the EU after British Prime Minister Theresa May indicated she will pull Britain out of the single market.
Standard Chartered, among others, has already approached Irish officials about opening a subsidiary in Dublin and obtaining a license to operate across the EU.
“We have made clear repeatedly that we will plan for a range of Brexit contingencies, including building greater capacity into our existing operations in Dublin. Identifying available office space is a necessary and predictable part of that contingency planning process,” said spokesman for Barclays.
Another bank which is exploring options to expand in Dublin is Credit Suisse Group AG. The Irish capital is favored location for the bank’s so-called back-office jobs. The bank has banking operations in Frankfurt, Luxembourg and Milan, along with branches in Paris, Dublin and Lisbon.
Credit Suisse has banking operations in Frankfurt, Luxembourg and Milan, as well as branches in Lisbon, Paris and Dublin.
Ireland is striving to present itself as a favored destination for financial companies based in UK that want to keep “passporting rights”, which empower them to do business within the EU.
If the passport is taken away, London could lose its status of the most important financial centre in Europe, which could cost UK thousands of jobs and billions in revenues. On the other hand, there has been a surge in applications for Irish passports following the UK’s vote to leave the EU. The figures from the Republic of Ireland’s government show that 733,000 passports were issued last year.