Canada’s TD Securities names Mayo native as EU hub chief in Dublin

Canada’s TD Securities has named Mayo native Enda Kilcullen as the new chief executive of its European Union hub in Dublin, TD Global Finance.

He succeeds Kevin Ahern, who had led the business for more than a decade and oversaw its transformation in the wake of Brexit.

Mr Kilcullen had been working for 10 years in Singapore for the Canadian group, most recently serving as head of trading for Asia Pacific with TD Securities, which is ultimately owned by Toronto-Dominion Bank. Mr Ahern will remain with the business, as managing director of projects and initiatives, the group said in a statement.

TD Securities, which had established a presence in Ireland in 1996, had been slowly winding down its operation in the State for about a decade before UK voters decided in June 2016 to quit the EU.

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TD Global Finance received authorisation from the Central Bank four years ago to expand its existing licence under the Markets in Financial Instruments Directive and the unit moved into its current office at One Molesworth Street in Dublin.

Mr Ahern oversaw the rapid scaling up of the operation, which was down to two employees before the Brexit referendum, to more than 180. TD Global Finance is the main base used by TD Securities for conducting permitted wholesale banking business activities for clients in the EU, which is a core market to the group’s strategy.

The establishment of a debt origination and bonds trading desk in Dublin made TD Securities one of the few overseas banks to move front-office activities from the UK to Ireland under Brexit.

TD Securities also said that two members of its Irish leadership team, Laura Quinn and Paul Eustace, were taking on expanded roles as global co-heads of sovereign, supranational and agency debt.

More than €44 billion of debt issuance has been underwritten by the Dublin hub since 2019.

TD Global Finance reported pretax profit of €10.5 million for the financial year to the end of last October, according to its most recent set of accounts, filed with the Companies Registration Office. Its total assets amounted to €21.1 billion.