Barclays PLC and Standard Life Assurance Ltd. are set to transfer approximately €200 billion in assets to Ireland as they prepare for the U.K.'s impending departure from the European Union, the Irish Independent reported.
Barclays, which selected Dublin as the new hub for its Irish operations after Brexit, will transfer assets amounting to around €190 billion to its Barclays Bank Ireland PLC unit, making it the largest bank in the country by assets, according to the March 23 report. The assets include businesses conducted by the British lender in Germany, France, Sweden, Italy, Spain and Portugal.
In January, the U.K. high court largely approved Barclays' planned transfer of assets to its Irish division. The bank also aims to double its headcount in Ireland by the end of 2019.
The German business being transferred to Dublin includes a corporate investment bank subsidiary and credit cards, while the Italian business includes the investment banking and corporate international divisions and the legacy mortgage business of its unit in Italy, the report noted. The transfer also involves approximately 5,000 clients.
Meanwhile, Standard Life Assurance obtained approval from a Scottish court to transfer some €19 billion in assets to its Irish subsidiary, according to the report. The insurer will legally move approximately 600,000 Irish, German and Austrian customer policies to Dublin-based Standard Life International DAC, which has had its headcount increased by 20 to accommodate and support the incoming assets.
The transfer will raise Standard Life's Irish operations' combined assets under administration to €26 billion, The Irish Times noted. Standard Life also had to supplement the Irish business' capital by €290 million to meet the country's regulatory capitalization requirements.
Ireland is set to gain the most from global financial institutions looking to move their post-Brexit EU business, recent data from S&P Global Market Intelligence showed. Other companies looking at Ireland to become their post-Brexit EU hub include Bank of America Corp., Axa and Commonwealth Bank of Australia.
Standard Life Assurance and Standard Life International are units of Phoenix Group Holdings PLC.