Canadian bank to expand Dublin operations

Canadian financial services company TD Securities has said the pending expansion of its Irish operations puts Dublin in the spotlight as a potential location for its wider EU activities should it move its London operations in the aftermath of Brexit.

The investment banking group yesterday announced plans to establish a bond trading business in Dublin, with 10 people set to be brought onto its workforce here by January. The company already has a financial services presence here, employing two people. TD Global Finance has operated here since the late 1990s. It trades international equities and credit products, while a share-trading service called TD Direct Investing also exists.

A spokesperson for the company said the Dublin move represents more of an expansion move than a full Brexit relocation and forms part of the firm’s overall growth strategy for Europe.

“We expect to have an additional 10 people in place by January and will continue to assess our requirements following that time,” they said.

TD Securities employs close to 4,000 people worldwide, 300 of whom are in London. All of the planned Dublin jobs will be new recruitments rather than relocations.

However, TD’s European regional head Peter Walker said developing in Dublin will “position us well for all outcomes of Brexit negotiations”.

“TD Securities has a long-standing history in Ireland and our fully-licensed broker-dealer will continue to benefit from Ireland’s commitment to economic growth,” Mr Walker said.

That constitutes something of an about-turn for TD Securities as it is understood it had planned to cease investment in Ireland prior to last year’s Brexit vote in the UK.

Nevertheless, IDA Ireland chief executive Martin Shanahan said yesterday it stands to reason that TD would choose Ireland to grow its European business.

“Ireland remains one of the top countries in the world in which to do business, with a highly-skilled workforce, a consistent track record of being pro-business, and membership of the European market.”

TD’s Irish expansion announcement was made in Toronto during Taoiseach Leo Varadkar’s trade mission to Canada and he said the Government is determined to pursue and seize further investment projects from key global companies.

“Trade missions, such as the one I am just concluding, are aimed specifically at helping to bring about these kinds of announcements. The Canadian banking system has a renowned reputation for both stability and innovation, and Ireland is delighted to welcome this new business to our shores.

“As we face into the challenges of Brexit, we are determined to pursue and seize new opportunities and investment projects from key companies worldwide,” the Taoiseach said.

Earlier this week, a Bundesbank board member said Frankfurt and Dublin were leading the pack for post-Brexit investment decisions, with a number of big north American banks considering the two cities.

Last month the IDA said more than 15 global financial institutions had expressed intention to set up or expand their operations in Ireland since January and added that it expected the flow of announcements to continue over the next few months.