Post-Brexit options for insurer
Standard Life looks to switch Euro hub to Dublin
Standard Life is looking to move its European Union hub to Dublin as it prepares for the UK to lose access to the single market, according to the firm’s chairman.
Sir Gerry Grimstone said it was “no secret” that London will be a smaller financial centre once Britain withdraws from the EU.
He said Standard Life may turn its Dublin branch into a subsidiary from which it can “passport” into the rest of the EU.
This will allow it to service its 500,000 Austrian, German and Irish clients.
Sir Gerry told Bloomberg that turning the Dublin branch into a subsidiary would then “make the German business a branch of the Irish business” and added: “All of us are preparing road maps like that.”
Other companies such as Goldman Sachs having been considering their options in a similar manner, especially in the case of a hard Brexit.
Last month, it was revealed that Goldman would move hundreds of jobs out of London to bolster its European presence.
Standard Life is currently working on an £11bn merger with Aberdeen Asset Management.