DUBLIN, Ireland - As firms in the U.K. continue picking their post-Brexit EU hubs, now Insurer Standard Life has indicated that it is likely to pick Dublin.
Chairman of the Insurer and asset manager Standard Life has reportedly stated that the company might choose Dublin as the base for its European Union subsidiary after Britain leaves the bloc.
Standard Life, that already has an operation in Dublin, has reportedly noted that it cannot wait to see the results of the negotiations between EU and U.K. to make a decision about its future EU hub.
In a bid to avoid losing access to the bloc after Brexit, financial services firms are already looking to set up regulated subsidiaries in the EU.
According to Standard Life chairman Gerry Grimstone, the firm “can’t take a chance” on Brexit as its 11 billion pound merger with Aberdeen Asset Management draws nearer.
Grimstone is said to have pointed out that although the company hopes the U.K. won’t lose its passporting rights once it leaves the EU, the company “can’t take a chance on whether the negotiations will produce such an outcome.”
In the text of a speech given to shareholders at the firm’s annual general meeting on Tuesday, the chairman said, “The most likely scenario – and the one we are now working towards – is using our Dublin-based operation to continue to support our European customers and clients. We are now working through the regulatory matters and other arrangements we would need to put in place to facilitate this.”
Dublin has already lost high-profile insurers AIG and Lloyd’s of London to Luxembourg and Brussels and Standard Life’s choice of Dublin is set to be a boost for the capital.