The UK arm of Credit Suisse has reportedly informed hedge fund and asset management clients that it is considering relocating some its European operations to Dublin from London.
The bank is in exclusive talks with clients of its prime services business division to shift certain activities from London, reported The Irish Times.
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However, all parts of the prime services unit would not move to Dublin and the bank’s London operation will remain as its main operation. It has also entered into talks with institutional clients to move certain activities from London.
The relocation plan comes as Credit Suisse seeks to take advantage of lower costs in Dublin as increased regulation puts pressure on business costs in London. The talks are at an initial stage and no final decision has been taken regarding the move.
Additionally, the bank is planning to move its support or back-office operations including clearing, settlement, IT and financial support functions to Dublin, the publication said.
Credit Suisse is also seeking approval from the Central Bank to perform some operations in Dublin.
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By GlobalDataThe Irish Times quoted a Credit Suisse spokesman saying, "Credit Suisse views Dublin as an attractive location for some business functions and support services and is currently assessing the possibilities available. We think there could be significant benefits to clients in creating new state-of-the-art platforms in Dublin."
Last year, Credit Suisse sold its prime fund services unit in Dublin to BNP Paribas Securities Services in a deal which is anticipated to complete this year.
