Toronto-Dominion (TD) Bank, Canada’s largest lender by assets, has become the latest global financial services group to choose Ireland as its post-Brexit European hub.
The Dublin expansion, which will also see the group establish a bond-trading unit, is part of the bank’s growth strategy in Europe, and the bank said it would allow it the flexibility “to meet the evolving needs of clients and respond to the changing business environment as a result of Brexit”.
The announcement came during Taoiseach Leo Varadker’s visit to Canada.
Peter Walker, vice-chair and regional head for Europe and Asia-Pacific, TD Securities, said the expansion of its Dublin office would “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.”
TD, which has more than 3,800 people in 13 offices around the world, already has an operation in Dublin, TD Global Finance, which first opened in 1998, and is located in the IFSC.
A small operation, it trades international equity, interest rate and credit product, as well as engages in structured finance activities for customers of the TD network.*
TD currently employs about 290 employees in its capital markets TD Securities business based mainly in London.
The decision has been broadly welcomed by the IDA Ireland, which has been working closely with the group over the past year in the wake of the Brexit referendum .
The IDA still hopes to capture significant new business from financial services companies looking for a European hub post-Brexit. Citigroup and JP Morgan have already announced plans to expand in Dublin as a result of Brexit, with Bank of America Merrill Lynch also set to apply for a broker-dealer licence as it moves certain activities from London.
* This article was edited on Tuesday, September 5th
