Daiwa to make decision on Dublin ‘soon’

Dublin is still in the running for Daiwa Securities' new European Union hub, the chief executive of the Japanese brokerage has confirmed.

The Tokyo based financial company had previously indicated that it was considering both Dublin and Frankfurt for a European base, which would allow it to retain access to the single market post-Brexit, and was running simulations with a consulting firm to help it find the best location.

Speaking on Monday, chief executive Seiji Nakata told reporters in Tokyo that it was still considering both locations, and that the brokerage wants to make a decision "soon".

The hub will employ “several dozen employees” Mr Nakata said, with the total figure likely to be less than 100.

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Daiwa has about 450 employees in Europe, mostly in London, which will remain the main location for most of its operations in the region.

Expanded presence

Daiwa previously had substantial Irish operations through a custody and fund servicing subsidiary. However, in 2012 this entity was acquired by Sumitomo Mitsui Trust Bank.

Daiwa is not the only bank in the frame for a new or expanded Dublin presence. US investment bank JP Morgan is said to be in talks to lease a building in the capital which can hold up to 1,000 people, while Citi is also assessing its options.

But there have also been losses. Last week speciality insurance market Lloyds of London confirmed that it had chosen Brussels over Dublin as the site for its European Union subsidiary, because of its strong regulatory framework.

The decision means that Dublin lost out on about 100 jobs, with the the world’s biggest insurance market expected to transfer about 100 of its 600 London based jobs to the Belgian city.

British insurer RSA is also understood to have dropped Dublin as a potential base in favour of either Copenhagen or Luxembourg.

(Additional reporting Bloomberg)