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Barclays (BCS) Shifts European Branches' Ownership to Ireland
Barclays (BCS - Free Report) has already initiated steps to transfer ownership of European branches from a British-based entity to the bank’s Ireland unit, per a report by Reuters. Specifically, the bank will start with the ownership transfer of its French, German and Spanish branches and ultimately bring other European branches under the control of its Irish subsidiary as well.
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In its second-quarter 2018 earnings presentation, Barclays outlined its goal to expand Barclays Bank Ireland as part of its preparation for a hard Brexit. The unit will consist of Barclays Corporate, investment and private banking activities, and the Barclay card business in Germany. Further, the unit is expected to have total assets of 224 billion pounds after completing all expansion activities. The Irish unit will likely be operational by March 2019.
Earlier, this July, the bank relocated around 40-50 investment banking jobs from the U.K. to Frankfurt.
Management expects that the impact of a no-deal Brexit will be lower on Barclays due to its Ireland unit expansion.
Almost all banks have started taking steps to avoid any disruption that might be caused on Britain’s exit from the European Union. HSBC Holdings (HSBC - Free Report) recently transferred the London branch’s ownership in its Polish and Irish subsidiaries to the unit in France, while Credit Suisse chose Frankfurt, Madrid and Luxembourg for shifting its investment banking jobs from Britain. JPMorgan Chase & Co. (JPM - Free Report) has also initiated relocation plans for several dozen of employees at its U.K. offices in a bid to ensure business continuity post Brexit.
Barclays’ shares have declined 15.2% in the past six months compared with the industry’s fall of 16.1% during the same period.
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