Credit Suisse Group gets regulatory approval from CBI to set up a branch in Ireland as it plans move of some prime brokerage operations to Dublin from London
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Credit Suisse Group AG , Switzerland's second-biggest bank is the first non-European Union lender to gain authorization to operate a branch as part of its Credit Suisse AG subsidiary, the Central Bank of Ireland, confirmed in reply to a query from Finance Dublin. Before 2013, non-EU banks had to set up as full subsidiaries in Ireland, directly regulated by Irish authorities, but representations from development bodies such as IDA Ireland resulted in a relaxation of the regulator's stance in the area. It is the first authorisation under Section 9a of the Central Bank Act 1971.
Enquiries from Finance Dublin to the Central Bank on rumours about the move in the past year have met with no comment from the CBI and Credit Suisse up to now.

Credit Suisse plans to relocate some business in prime services, which lend securities and cash to hedge funds and settle trades for them, a source said, according to Bloomberg. This will involve about 40 traders and some 60 back-office staff moving to Dublin from London, it said.

Credit Suisse Chief Executive Officer Tidjane Thiam, who took the top job earlier this year, is overhauling securities trading in a bid to boost returns for shareholders and meet tougher capital requirements. As part of his restructuring, the CEO plans to eliminate as many as 2,000 positions in London and scale back operations in prime services by the end of the year, Bloomberg reported.

Sofia Rehman, a spokeswoman at Credit Suisse in London, declined to comment to Bloomberg.
This article appeared in the January 2016 edition.