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Credit Suisse announces the opening of prime brokerage business in Dublin to service the global hedge fund industry Back
January 27th: Credit Suisse is to develop its major prime broking trading floor in Dublin, one of the most strategically significant banking developments in the international financial services sector since the brake on IFS industry banking developments caused by the financial crisis. Some 100 staff will be employed. It is the first non-European Union lender to gain authorisation to operate a branch in Ireland since a rule change permitting it was introduced by the Central Bank. Speaking at the event was Timothy O’ Hara, CEO, Global Markets, Credit Suisse and President & CEO, Credit Suisse Holdings (USA), held in Dublin this morning.
Credit Suisse plans to relocate some business in prime services, which lend securities and cash to hedge funds and settle trades for them. This will involve about 40 traders and some 60 back-office staff moving to Dublin from London.

At the official opening Taoiseach Enda Kenny said, “Today’s welcome announcement of the creation of 100 jobs by Credit Suisse and the opening of its Dublin branch is very significant. It represents a strong endorsement of Ireland's reputation as a leading location for international financial services, building on the very strong job creation achieved in the sector in 2015 as a result of the Government's International Financial Services Strategy, IFS 2020. Supporting job creation in financial services is part of our long term economic plan to keep the recovery going."

Tim O’Hara CEO of Global Markets, Credit Suisse said: “We are delighted to officially open the first Credit Suisse trading floor in Dublin today. This marks a first for Ireland and for Credit Suisse. The broad talent pool and efficiencies that the capital city has to offer made the decision to deploy operations in Dublin an easy one. Today’s opening further demonstrates our ongoing commitment to continue optimally serving our clients. We have made considerable investment in infrastructure and technology, all of which will help enhance our client offering.” He continued: “We have long admired Ireland’s commitment to and vision for the country’s future as a European financial services center and we are excited to establish our Prime Services business here.”

Also welcoming the Credit Suisse decision to locate their Prime Services business in Dublin, the Minister of Finance, 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 IFS 2020 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.”

See Finance Dublin, January 2015 issue, on the Credit Suisse regulatory approval, and IDA Ireland role in bringing in the legislation changes that led to the establishment of the Credit Suisse branch in Ireland.

Credit Suisse Group AG, Switzerland's second-biggest bank is the first non-European Union lender to gain authorization to operate a branch as part of its Credit Suisse AG subsidiary. Before 2013, non-EU banks had to set up as full subsidiaries in Ireland, directly regulated by Irish authorities, but representations from development bodies such as IDA Ireland resulted in a relaxation of the regulator's stance in the area. It is the first authorisation under Section 9a of the Central Bank Act 1971.

Credit Suisse Chief Executive Officer Tidjane Thiam, who took the top job earlier this year, is overhauling securities trading in a bid to boost returns for shareholders and meet tougher capital requirements. As part of his restructuring, the CEO plans to eliminate as many as 2,000 positions in London and scale back operations in prime services. The company says that the move to Ireland is not linked with fears of a potential Brexit.
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