Barclays May Transfer 5,000 Clients to Ireland in $217 Billion Brexit Move
- Judge says no-deal concern meant pre-emptive approval needed
- While assets not moved yet, McFarlane cites Brexit uncertainty
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Barclays Plc won permission to transfer large parts of its business from Britain to its Dublin-based subsidiary if needed, with a judge disclosing that the Brexit-driven move could affect thousands of the bank’s corporate clients.
The London-based bank had requested court approval for the potential move, which was granted by High Court Judge Richard Snowden on Tuesday. Snowden described the move as “huge,” saying it would involve 5,000 clients and transfer 190 billion euros ($217 billion) in assets. Barclays had about 1.2 trillion pounds ($1.6 trillion) in total assets at the end of the third quarter.