The British bank Barclays announced on Thursday “considering moving its European headquarters” from Dublin to Paris to be closer to its activities on the continent.
We felt that to be closer to the heart of our continental European business operations, it would be appropriate to relocate our European headquarters, Barclays explained in a statement.
The bank recalls that Barclays Europe continues to grow and contributes significantly to the group’s performance.
This internal movement in the European Union, between two capitals, would have no consequences on its activities in the United Kingdom, underlines the British bank.
On the other hand, if the idea is confirmed, it would be good news for the Paris market, which competes with London, Frankfurt and Amsterdam to attract international companies to Europe.
Similarly, all of the bank’s activities in Ireland would not be affected by the transfer, says Barclays.
Preparatory work and initial engagements with regulators and other stakeholders are underway, the group said in its press release, adding that the relocation of the Paris headquarters should take around two years, if confirmed.
Last week, Barclays reported earnings boosted by a decline in legal charges in the first half, but provisions for credit impairment increased over this period amid rising interest rates and inflation.
Totaling 3.1 billion pounds (about 3.5 billion euros), the group’s net profit increased by 26% compared to the first half of 2022.
Turnover rose by 2% to 13.5 billion pounds (nearly 15.7 billion euros).
On the other hand, credit impairments almost tripled, to 896 million pounds, in particular due to an increase in arrears in the United States.