Credit Suisse is still calibrating its plans in the event of a sudden hard Brexit. However in Dublin the bank has already taken steps to expand.
Credit Suisse (CS) is preparing to expand its presence and offering in Dublin. At the end of last year, the bank established an Irish subsidiary called Credit Suisse Fund Services (Ireland), as the Irish newspaper «Independent» reports.
In addition, CS has submitted several documents to the supervisory authority in connection with the new company over the last few weeks. One of these documents stated that the company would offer «all services» for the administration of assets, their management, advice on companies and the issuance of shares.
Head for Subsidiary
In addition, the «Independent» writes that CS has appointed Ulrich Roth, a director of the subsidiary. Roth is active in CS's Asset Management as Head Portfolio Management Index Solutions.
CS has been present in the Irish capital since last year, having withdrawn Prime Brokerage from London with about 100 employees. Since then the Irish media have regularly speculated that in the case of a hard Brexit that could cost banks the EU passport, CS would withdraw further services and activities moving them to Dublin.
Another Relocation?
Apparently CS is also being aggressively pursued by property developer Ronan Group Real Estate (RGRE), to expand its Dublin presence. The company has its Dublin trading floor at the RGRE-owned Kilmore House at Spencer Dock in the International Financial Services Centre (IFSC).
RGRE is developing one million square feet of offices, residential and leisure space at Spencer Dock and could accommodate any sudden CS expansion.
To date, CS has not yet made a clear statement about its plans. In addition to Dublin, the bank is also considering other European cities such as Frankfurt as an alternative to London.
