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Banks

Barclays to make Dublin its EU headquarters after Brexit: source

The logo of Barclays is seen on the top of one of its branch in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez/File Photo

LONDON (Reuters) - Barclays BARC.L is preparing to make Dublin its EU headquarters for when Britain leaves the European Union, according to a source familiar with the matter on Thursday.

Global banks and insurers have begun signaling how they will put plans into action to cope with a “hard” exit from the European Union, after Prime Minister Theresa May said that Britain would leave the single market.

Barclays already has a small unit in Dublin with around 100 people.

“We have made clear repeatedly that we will plan for a range of Brexit contingencies, including building greater capacity into our existing operations in Dublin,” a spokesman for Barclays in London told Reuters.

“Identifying available office space is a necessary and predictable part of that contingency planning process.”

Bloomberg News reported that Barclays would add around 150 staff to its operations in the Irish capital.

Reporting By Anjuli Davies; Editing by Rachel Armstrong

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