The key parts of the Prime Services business that will operate out of this location include Prime Brokerage, Prime Financing and Securities Lending, all of which serve clients across global markets. The Dublin operation will handle the trading, capital and risk management for the business while the salespeople and relationship managers will remain in London due to client proximity.
The opening of the Credit Suisse AG Dublin Branch (‘CS AG’) follows the Central Bank of Ireland’s announcement in December that it had authorized the bank to establish a branch in Ireland. The branch will be located at Kilmore House in Spencer Dock, at the heart of the IFSC.
Welcoming the announcement, 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 IFS2020 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.”