UK bank Barclays is to expand its activity in Dublin ahead of Brexit in a move which is likely to create hundreds of jobs.
The company today confirmed it is holding negotations with regulators about extending its activities in Ireland in preparation for Britain leaving the EU.
Barclays already has a licensed operation in Dublin called Barclays Bank Ireland with a staff of around 100 people.
It said today that it intends to use that operation so it can continue serving clients once Britain leaves the EU.
While the company's statement did not specify how many jobs it could create, its new building on Molesworth Street in Dublin city centre can cater for hundreds of staff, informed sources have told RTE News.
"Barclays Bank Ireland, which has a banking licence and which we have operated for almost 40 years, provides a natural base and we are engaging with our regulators in discussions to extend its activities," the bank said.
Barclays' chief executive Jes Staley met with Taoiseach Leo Varadkar in Dublin on Monday, the bank added.
Mr Staley has previously said Brexit would be "a wholly manageable challenge".
"This announcement by Barclays to extend activities at their Dublin base is a further endorsement of Ireland's strong offering to the international financial services sector," commented Martin Shanahan, CEO of IDA Ireland.
In June, Barclays appointed investment banker Kevin Wall as chief executive of its business in Ireland, in a sign it was preparing to potentially expand operations there due to Brexit.
This is another win for Dublin after Wall Street bank JPMorgan in May agreed to buy a Dublin building with room for 1,000 staff, with CEO Jamie Dimon also meeting with the Mr Varadkar earlier this month.
The bank said in today's statement that the final outcome of the negotiations between the UK and the EU and any settlement reached in respect of financial services remains uncertain.
"As a result we stand ready to refine our plans in light of external developments and will continue to work closely with regulators, clients, colleagues and other stakeholders to ensure that we are able to respond appropriately to any outcome," he added.
