Standard Life is likely to pick Dublin for post-Brexit EU base as it irons out final plans

Oliver Gill
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Chairman Sir Gerry Grimstone will address Standard Life shareholders today

Standard Life will likely pick Dublin as its new EU base, the chairman of the FTSE 100 firm will tell shareholders today.

Unlike many of its life insurance rivals, Standard Life has thousands of customers in the EU and already has a substantial presence in the Irish capital.

Read more: New Standard Life Aberdeen to shed 800 jobs after merger

Today, Gerry Grimstone will address Standard Life's AGM. According to a copy of his speech obtained by Reuters he will say: "The most likely scenario – and the one we are now working towards – is using our Dublin-based operation to continue to support our European customers and clients."

We are now working through the regulatory matters and other arrangements we would need to put in place to facilitate this.

The selection will be a shot in the arm for Ireland which has lost out to mainland Europe as insurers reveal their post-Brexit plans.

Read more: Lloyd's chair isn't worried about the impact of new EU hub on London

US-giant AIG and FTSE 250 firm Hiscox selected Luxembourg, while Lloyd's of London will set up a base in Brussels.

Away from insurance, Dublin was boosted this week by JP Morgan's purchase of a bigger office in the city to accommodate up to 1,000 staff.

Meanwhile, Standard Life investors will vote next month on the group's £11bn merger with Aberdeen Asset Management.

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