Barclays PLC is already transferring the ownership of its branches in France, Germany and Spain to its Irish unit as Britain's departure from the EU looms, sources with direct knowledge of the plans told Reuters.
Barclays Bank Ireland PLC will primarily contain the group's corporate, investment and private banking activities and its Barclaycard credit card business in Germany, the parent company said in its second-quarter investor presentation. Barclays Bank Ireland will ultimately have control over all of the British lender's European branches, one source told the newswire.
In July 2017, Barclays chose Dublin to be its post-Brexit EU hub. Barclays Bank Ireland will be operational by March 2019, with its total assets, including internal transactions with group entities, amounting to about £224 billion, according to the second-quarter presentation.