Barclays moves ownership of European branches to Irish unit

In the latest of such moves ahead of Britain’s exit from the European Union, Barclays has now advanced the contingency plans it had previously outlined earlier this month when the lender said it was expanding its EU-based Irish entity.

At the time it said the unit would primarily consist of Barclays corporate, investment and private banking activities and its Barclaycard credit card business in Germany.

But now it seems this will include the addition French, German, and Spanish branches, and Barclays will ultimately move all of its European branches under control of Barclays Bank Ireland, according to a Reuters review of company filings.

Barclays’ other main corporate and investment banking businesses in Europe include Luxembourg, Switzerland, Portugal, Italy and the Netherlands.

Barclays Bank Ireland will have total assets of around £224 billion after absorbing all the European business, Barclays said in its presentation to investors, out of £1.1 trillion pounds for the entire bank as of the end of 2017.

Barclays no longer operates a consumer banking business in Europe, having sold the last of its retail operation in 2016 as the bank shifted its global strategy to focus on the United States and Britain.

While Barclays’ European branches will still ultimately be owned by its London-listed holding company, the change in organisational structure shows how lenders are shifting business to try to avoid any disruption that Brexit might cause.