Taoiseach Enda Kenny (Irish Prime Minister) officially opened the first Credit Suisse Trading Floor in Dublin yesterday (January 27). The floor will house around 100 positions, of which 40 are trading, risk and capital professionals and the other 60 are support roles.
Several elements of the Prime Services business will operate out of Dublin including Prime Brokerage, Prime Financing and Securities Lending, all of which serve clients across global markets. The Dublin operation will handle trading, capital and risk management for the business while the sales people and relationship managers will remain in London to be physically close to clients.
The opening of Credit Suisse AG’s Dublin Branch at Kilmore House in Spencer Dock follows the Central Bank of Ireland’s announcement in December that it had authorised the bank to establish a branch in Ireland.
Finance minister Michael Noonan said: “I welcome the decision by Credit Suisse to become the first ‘third country’ bank to seek to branch into Ireland. The changes in legislation that were introduced in the Central Bank (Supervision and Enforcement) Act, 2013 by the Government ensured a level playing field for third country banks. I am delighted that such a strong global player has decided to move prime brokerage services to Ireland. The Government also sees it as an important step in the IFS2020 strategy as led by Minister of State Harris, attracting highly skilled, front office positions to Ireland. I would also like to take this opportunity to acknowledge the dedicated work of the Central Bank of Ireland and the initiative of the IDA in relation to this project.”