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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Private Banker International.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.