Bar­clays to ex­pand Ir­ish op­er­a­tions to mit­i­gate Brexit im­pact

The Star (St. Lucia) - - BUSINESS -

Bar­clays has con­firmed plans to ex­pand its Dublin op­er­a­tions as part of Brexit con­tin­gency plans, amid un­cer­tainty over fu­ture trad­ing ar­range­ments for fi­nan­cial ser­vices.

It is un­der­stood that the bank’s Dublin of­fice could be bol­stered by up to 150 staff, po­ten­tially dou­bling its size, although it is not clear whether that would be the re­sult of lo­cal re­cruit­ment or the re­lo­ca­tion of UK jobs.

Bar­clays would not com­ment on how many em­ploy­ees could be added to its Ir­ish op­er­a­tions, say­ing that it was still in dis­cus­sions with the reg­u­la­tor over plans to use the Dublin sub­sidiary to con­tinue trad­ing within the EU.

The bank con­firmed on Fri­day that it plans to use Bar­clays Bank Ire­land as its EU hub to mit­i­gate any po­ten­tial dis­rup­tion to busi­ness af­ter Brexit.

“Bar­clays Bank Ire­land, which has a bank­ing li­cence and which we have op­er­ated for al­most 40 years, pro­vides a nat­u­ral base and we are en­gag­ing with our reg­u­la­tors in dis­cus­sions to ex­tend its ac­tiv­i­ties,” the bank said, in a state­ment.

“While we re­main con­fi­dent of con­tin­ued deep in­ter-link­ages be­tween EU and UK fi­nan­cial ser­vices mar­kets, in the ab­sence of cer­tainty around the tim­ing and com­po­si­tion of an agree­ment, we in­tend to take nec­es­sary steps to pre­serve on­go­ing mar­ket ac­cess for our cus­tomers.”

Bar­clays Bank’s UK of­fices at Ca­nary Wharf, Lon­don. Pho­to­graph: Paul El­lis/AFP/Getty Images.

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