It may be too early for Credit Suisse to present a plan for how it will deal with a so-called hard Brexit. The Swiss bank has however already initiated steps to expand its operations in Dublin.
Credit Suisse (CS) is preparing the expansion of operations and services in Dublin, according to a report by Irish newspaper «Independent». Switzerland's No. 2 bank founded a unit called Credit Suisse Fund Services (Ireland) at the end of last year.
CS submitted a number of documents in connection with the new unit to the Companies Office, the country's regulator. One such document describes the constitution of the company, stating it would «provide all services» connected with the administration of investments, the management and/or advisory of companies and the issuing of shares.
Manager Appointed
CS appointed Ulrich Roth as head of the unit, according to the newspaper report. Roth is head of portfolio management index solutions at the asset management division of CS.
The Swiss bank last year moved the prime brokerage and its 100 employees to Dublin from London. Since the decision by British voters to leave the European Union, Irish media have speculated about a move of further activities to Dublin because U.K.-based banks may lose their easy access to the common European market in case of a hard Brexit.
New Premises on Offer
CS' landlord in Dublin, Ronan Group Real Estate, is said to have offered the bank new and bigger offices in Dublin to help it move further operations to the Irish capital. CS is currently based in Kilmore House at Spencer Dock.
CS hasn't yet pronounced on its intended moves. It is also considering cities such as Frankfurt as alternatives should it decide to move operations away from London.
