Barclays has confirmed plans to expand in Dublin as a result of the UK’s Brexit vote.
The bank is expected to create around 150 jobs in the Irish capital as part of the move, though it is understood that these roles will not necessarily be shifted from the UK.
On deadline day for banks to submit their hard Brexit plans to the Bank of England, Barclays has said: “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 intends to utilise an existing licensed EU-based bank subsidiary to continue passported activity. 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 final outcome of the negotiations between the UK and the EU and any settlement reached in respect of financial services remains uncertain, and as a result we stand ready to refine our plans in light of external developments and will continue to work closely with regulators, clients, colleagues and other stakeholders to ensure that we are able to respond appropriately to any outcome.
Meanwhile, the bank’s chief executive, Jes Staley, met with Ireland’s Prime Minister Leo Varadkar earlier this week. Helen Keelan, chairman of Barclays Bank Ireland, was also present at a meeting in Dublin on Monday.