Dublin operation to act as central hub for Barclays’ activities across Europe.
UK bank Barclays is to double its Irish workforce to 300 by the end of 2019.
The bank has opened a new 37,000 sq ft property on Molesworth Street where 150 staff are currently based.
‘Companies based in the UK want to retain a foothold in the EU, and Ireland is the perfect location from which to do this’
– MARTIN SHANAHAN
The new building – which will serve as a base for corporate and investment banking, wealth management, and card services – will be a hub for Barclays’ banking activities across Europe.
Ireland remains open for business
The bank has just marked its 40th anniversary in Ireland. However, the expansion could also be seen in the context of the Brexit exodus of UK financial institutions, which are now keen to continue to do business in the EU.
Minister for Business, Enterprise and Innovation Heather Humphreys, TD, said: “I warmly welcome this news from Barclays. This new office will provide them the space required for the expected doubling of their workforce next year as they enlarge their Dublin operation. Barclays have a long and proud history in Ireland, and this year marks their 40th anniversary here.
“This announcement once again shows that Ireland is now a major player and a very attractive location for financial services companies from all over the world, and today’s announcement from Barclays is a great vote of confidence in what we have to offer.”
Barclays has taken a 20-year lease on 1 Molesworth Street. It has shifted direct ownership of its French, Germany and Spanish branches from a UK-based entity to a new Irish one.
IDA Ireland CEO Martin Shanahan also welcomed the expansion and said the announcement by Barclays to extend activities at its Dublin base is a further endorsement of Ireland’s strong offering to the international financial services sector.
“Ireland’s access to the EU’s markets and regulatory systems has become increasingly important for Ireland post-Brexit. Companies based in the UK want to retain a foothold in the EU, and Ireland is the perfect location from which to do this.
“Barclays has had a strong presence in Ireland since 1978 and I am delighted to see that it will double its footprint in Ireland. I would like to congratulate Kevin Wall, CEO, Barclays Bank Ireland, and the entire team on this significant anniversary and the opening of its new office in the heart of Dublin,” said Shanahan.
Barclays bank. Image: chrisdorney/Depositphotos