TP Icap PLC said it plans to hire more broking staff for its offices in the European Union to cater to clients when the U.K. leaves the bloc.
The London-based interbroker/dealer has formed TP Icap (Europe), a new subsidiary in Paris, which will become its post-Brexit EU headquarters. The unit, which will also open a branch in the Netherlands, is now awaiting authorization from France's prudential regulator. It expects to be notified of the authorization prior to the withdrawal of the U.K. from the EU.
Because U.K. companies are bound to lose their so-called passporting rights to operate in the EU, TP Icap said it plans to adjust its business model to continue serving clients in the bloc. This includes hiring more staff in its EU offices.
The company's full-year 2018 profit attributable to equity holders of the parent fell to £32 million from £87 million in 2017. This reflects a £65 million charge for impairment of goodwill, mainly due to integration costs.