Barclays is not the only bank to take this strategic decision, ahead of Brexit; Bank of America Merrill Lynch and JP Morgan Chase is also taking steps to safeguard access to service their European clients.
Ahead of impending impacts arising out of Brexit negotiations, Barclays is expanding its operations in the Irish capital of Dublin by signing more lease agreements for office spaces.
Green REIT, an Irish real estate development trust, stated it has agreed to a twenty year lease agreement, with the British lender, for office space covering 3,437 square meters, two and a half floors, situated in central London, right next to the main shopping area of Grafton Street.
Barclays will pay $2.8 million (2.35 million euros) in rent for a year for the office space.
Dublin and Frankfurt have emerged as the preferred choices for fintech companies relocating some of their British operations to destinations in the European Union.
Last month, Barclays had disclosed it was in talks with Irish regulators for extending its activities in in the country.
The bank already has a licensed entity in Dublin, Barclays Bank Ireland, which employs nearly 100 people; its license allows it to conduct mainly corporate banking activities.
Barclays now plans on extending the range of that license to cover clients once Britain leaves the bloc.
Much like Barclays, Bank of America Merrill Lynch has also picked the Irish city for its new EU headquarters.
In May, JP Morgan Chase had agreed to buy a building which can house 1,000 staff in Dublin’s docklands area. The bank has disclosed it will use Frankfurt as the legal headquarters for its European operations after Brexit.