Financial services giant Standard Life is the latest company to reveal where it plans to set up its European base after Brexit.
The insurer and asset manager, which is headquartered in Edinburgh, has chosen Dublin as the base for its European Union subsidiary, according to the company’s chairman Sir Gerry Grimstone.
Standard Life has an existing Dublin-based operation which it plans to use to ensure it stays connected to the European market once the UK has divorced from the EU.
Speaking during the annual general meeting earlier this week, Sir Gerry said: “The most likely scenario – and the one we are now working towards – is using our Dublin-based operation to continue to support our European customers and clients.
“We are now working through the regulatory matters and other arrangements we would need to put in place to facilitate this.”
Sir Gerry said the firm will continue to review its contingency plans as the negotiations progress, adding: "We are an apolitical business, but we will contribute to the process where necessary to ensure the interests of all our stakeholders are represented."
This announcement comes after Lloyds of London confirmed it was planning to set up an EU subsidiary in Brussels.
Inga Beale, chief executive of Lloyds of London, cited the Belgium capital’s robust regulatory framework and central European location as reasons for the move.
Meanwhile, US insurer AIG recently revealed it will set up its EU hub in Luxembourg, despite its European head hinting at a move back to Paris last year.
The concern for many British financial services companies is the fallout between the UK and EU could restrict their access to customers across the continent.
According to research provider Cerulli Associaties, most UK-based asset managers will announce where they plan to set up their European hub by June.
Meanwhile, a report warned that Europe might be left without a financial centre as firms scatter subsidiaries across the continent.
katherine.denham@ft.com
