Ireland remains the most popular relocation destination for global financial institutions seeking to move operations from the U.K. and maintain access to the European market due to Brexit.
Since Britain announced that it was leaving the European Union, roughly 34 universal lenders, investment banks, brokerages and insurers have established subsidiaries and transferred staff to Ireland, or are considering moving operations to the country.
In September, U.S.-based property and casualty insurer Travelers Cos. Inc.'s Travelers Insurance Co. Ltd. obtained court approval to transfer its European business to Irish unit Travelers Insurance DAC.
Germany is second in the relocation race, attracting 22 companies in total, ahead of Luxembourg, which has received interest from 20 institutions. The companies choosing Germany are mainly large banks, including Citigroup Inc., Goldman Sachs Group Inc., Barclays PLC, Credit Suisse Group AG and Nomura Holdings Inc., while insurance and reinsurance firms, such as RSA Insurance Group PLC, Sompo International Holdings Ltd. and Swiss Re AG have favored Luxembourg.
With the Oct. 31 departure date fast approaching, U.K. Prime Minister Boris Johnson is running out of time to fast-track his Brexit deal, creating more uncertainty in the financial industry.