Rather than looking to continental Europe, several UK lenders have opted for a closer solution, namely a move to Ireland. Given the constraints imposed by Brexit, Barclays has announced its decision to make Dublin its European Union headquarters in anticipation of the UK’s formal schism with the group, according to a Reuters report.
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Barclays is not the first bank to contemplate a move to Dublin. Back in December, Standard Chartered was also reportedly mulling its options, with Dublin emerging on its shortlist of possible homes in the post-Brexit world.
Standard Chartered had already approached Irish officials about erecting a subsidiary in Dublin and obtaining a license to operate across the EU, which also took place with German regulators with Frankfurt as another viable landing spot. Both cities have gradually become more enticing for UK lenders as Brexit talks continue.
For its part, Barclays already maintains a presence in Dublin, albeit only 100 employees. This number is expected to grow in the coming months. According to a recent Barclays spokesperson in a statement to Reuters: “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.”