Barclays Eyes Dublin as Next EU Headquarters Following Brexit

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 Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term, 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."