Barclays shifting ownership of European branches to Irish unit ahead of Brexit - sources [Reuters]
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Source: Reuters
Barclays shifting ownership of European branches to Irish unit ahead of Brexit: sources | Reuters 3 Min Read LONDON (Reuters) - Barclays ( BARC.L ) has begun shifting direct ownership of its French, German and Spanish branches from a British-based entity to its Irish bank, according to sources with direct knowledge of the plans, ahead of Britain’s exit from the European Union. The move shows Barclays putting its Brexit contingency plans into action, in common with other banks which are not waiting for the outcome of negotiations over how financial services will operate after Britain leaves the EU in March. The British bank outlined plans to expand its EU-based Irish entity in a slide presentation to investors earlier this month, saying the unit would primarily consist of Barclays corporate, investment and private banking activities and its Barclaycard credit card business in Germany. In addition to the French, German, and Spanish branches, Barclays will ultimately move all of its Eu
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