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January 31, 2019updated 04 Feb 2019 11:33am

Barclays to shift €190bn assets to Dublin amid no-deal Brexit worries

Barclays has secured the go-ahead from the High Court in London to shift €190bn of its UK assets to Dublin as part of Brexit contingency planning.

Designed to manage the outcome of a no-deal Brexit, the asset transfer involves around 5,000 clients.

Justice Snowden said in the judgement that due to the political uncertainty, the bank “cannot wait any longer” to implement its strategy.

“In light of the large volume of business to be transferred, the scheme contains a number of phased dates upon which the transfer of the different types of business, and the business of the branches in Spain, Italy and France, will become effective,” Snowden noted.

Barclays is also expected to raise the number of employees in Dublin by up to 300.

Commenting on the latest development, Barclays said: “As we announced in 2017, Barclays will use our existing licensed EU-based bank subsidiary to continue to serve our clients within the EU beyond March 29 2019 regardless of the outcome of Brexit.

“Our preparations are well-advanced and we expect to be fully operational by March 29, 2019.”

Dublin has emerged as a popular choice for financial services firms’ EU bases post Brexit.

Last month, Legg Mason opened an office in Dublin while Vanguard and Merian Global Investors received the regulatory nod for Dublin entities.

In September 2018, First State Investments said that it will shift up to £4.3bn of its client assets from the UK to Dublin.

Earlier last year, Ashmore and Baillie Gifford announced plans to launch offices in Dublin.

Also, Legal & General Investment Management obtained regulatory approval for its Dublin management company.

 

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