Barclays to make Dublin its EU headquarters after Brexit – source

The Barclays headquarters is seen in the Canary Wharf business district of east London February 6, 2013. To match Insight BARCLAYS-TAX/ REUTERS/Neil Hall/File Photo

LONDON 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 signalling 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)