IDA Ireland confirms strong pipeline in financial services sector following Brexit
IDA Ireland has confirmed significant investments in the financial services sector in the first half of 2017. Over 15 global financial institutions have announced their intentions to set up or expand their operations in Ireland since January.
Commenting on the performance CEO of IDA Ireland Martin Shanahan said: “It has been encouraging to see so many high profile banks and insurance firms publically endorse Ireland as their destination of choice. Post Brexit, nurturing talent, delivering a pro-business ethos and maintaining a consistent track record, must all be the priorities of the day if we are to continue to grow the economy at the current rate and remain competitive.”
“IDA Ireland is actively working with financial services firms to make them aware of the many advantages there are to doing business here in Ireland and we expect the flow of announcements to continue over the course of the next few months, albeit, they will be hard won.”
“The decision of the United Kingdom to leave the European Union has created unprecedented political, economic and diplomatic challenges for Ireland. Those challenges extend right across the policy spectrum, where so many areas are now the subject of common approaches and standards at EU level.”
“Steady progress is being made on the Government’s IFS strategy. Financial services institutions looking to maintain their access to the EU continue to view Ireland as a leading international financial services centre which is best positioned to offer a seamless transition of part of their operations from London to Dublin.”
“Ireland remains stable and consistent in policy terms and in the areas of taxation, which is a major plus when it comes to attracting investment.”
“15 of the world’s top 20 banks now have operations in Ireland,” concluded Martin Shanahan. “
More than a dozen London-based firms have already agreed to set up or expand in Ireland due to Brexit including:
- JPMorgan has bought a new office in Dublin with capacity for 1,000 employees which will double its current payroll here.
- Bank of America has chosen Dublin as the preferred location for its principal legal entities following the UK’s departure from the EU.
- Barclays has indicated that it will use its licensed EU subsidiary in Ireland to facilitate passported activity post-Brexit.
- Citi expects to further enhance its capabilities in Private Banking, Treasury & Trade Solutions, Corporate & Investment Banking and Capital Markets by increasing over its footprint in key EU cities including Dublin.
- Insurer Legal & General is to move some of its investment management operations to Ireland, while law firm Pinsent Masons is to open a Dublin office.
Other announcements in the financial services space in 2017 include: Northern Trust, Citadel, Tobam, alterDomus, Fundrock, Chaucer, Kabbage, Willis Towers Watson, Bank of China, Beazley Re.