Barclays (LON:BARC) has picked Dublin as its post-Brexit hub in the European Union, The Telegraph has reported. The move comes with UK lenders setting up plans to protect their access to the EU once the UK leaves the bloc.
Barclays’ share price has jumped in London this morning, having added 1.06 percent to 204.90p as of 08:34 BST, outperforming the broader UK market, with the benchmark FTSE 100 index currently 0.59 percent better off at 7,356.13 points. The group’s shares have added more than 43 percent to their value over the past year, but have given up some eight percent in the year-to-date.
The Telegraph reported over the weekend that Barclays had agreed terms to rent bigger premises in Dublin as it looks to ensure it can continue to service EU clients. While the lender had previously narrowed the search to Frankfurt and Dublin, it eventually picked the Irish capital, already having about 120 staff in the country. Barclays is expected to add between 100 and 150 employees more.
The news comes with UK lenders pressing ahead with Brexit contingency plans as the country negotiates leaving the bloc. The newspaper notes that the Bank of England has set a deadline of July 14 for banks to formally notify its Prudential Regulation Authority of how they plan to mitigate Brexit risks.
In other news, Bloomberg reported this morning that the lender and its former executives are set to appear in a London court for the first time today to face allegations they conspired to commit fraud over a 2008 bank capital raising with Qatari investors at the height of the financial crisis. The Serious Fraud Office recently charged Barclays alongside four of its former senior executives over the cash call which helped the bank avoid a taxpayer-funded bailout.