Ireland destination: Credit Suisse is watching the Quatrefoil country

Credit Suisse, which set up a European hub in Dublin creating 100 jobs last year to service hedge fund clients, may apply for a full banking licence in Ireland as it prepares to move jobs out of London following the UK's decision to quit the European Union, according to sources.

Credit Suisse received regulatory approval in December 2015 to operate as a direct branch of the group’s Zurich headquarters, becoming the first and only bank to date to avail of a change in Irish law in 2013 that allowed non-EU banks to set up a branch in Ireland.
Frankfurt, Luxembourg, Paris and Brussels are among the main locations competing with Dublin to lure financial services activity from London in the wake of the Brexit referendum last June. However, despite the triggering of Article 50 last month, it is understood that Credit Suisse has, as yet, no preferred location.

"Credit Suisse is currently exploring solutions to various outcomes including a 'hard Brexit'," a spokeswoman for the bank said. "We are refining our in-depth analysis and we are looking at ways to maintain access to EU clients and markets. We will optimise our current infrastructure as well as leveraging our existing EU presence where appropriate."

"This provides us with the flexibility to respond to potential changes in the UK and EU financial services industry in the future.” Securing a full banking licence in Ireland would give the bank greater flexibility to base more business in Dublin, including financial services that could be “passported” throughout the EU.

Earlier this month, Standard Life confirmed that Ireland is on a list of possible destinations that will be considered once Brexit negotiations get under way. US investment banking giant JP Morgan is also understood to be considering the relocation of hundreds of its employees from London to Capital Dock, the 31,600 sq m (340,000 sq ft) office scheme currently being developed by Kennedy Wilson in Dublin's docklands.