Northern Trust has received a licence from the Central Bank of Ireland for the establishment of an Irish branch.
The new banking branch will provide a range of custodial, banking and capital markets services, including domestically regulated banking services for Ireland-domiciled clients.
Its activities will complement those of Northern Trust Global Services S.E., Northern Trust’s continental European bank, which was established in Luxembourg in March 2019.
Northern Trust’s EU banking institutions will enable European Union (EU)-domiciled clients to be serviced in the region, in line with the requirements of existing and incoming regulatory frameworks.
These include the EU’s Sixth Capital Requirements Directive (CRD VI) and the Third Capital Requirements Regulations (CRR III), which introduce new regulatory and supervisory frameworks for branches of third-country credit institutions which service EU-domiciled clients.
Clive Bellows, co-president of Asset Servicing and president for Europe, the Middle East and Africa (EMEA) said: “This development of capabilities shows our commitment to our European client franchise and strategic focus on the region – helping position us for continued momentum and growth here.”
Having serviced Irish clients since 1989, Northern Trust set-up its offices in Dublin in 2000, and Limerick in 2007 and has played key roles since in the development of Ireland’s funds industry, including servicing the first Irish UCITS fund. From Ireland, Northern Trust today supports leading fund managers and institutional investors worldwide, including traditional and alternative asset managers, insurance companies and multinational pension funds.
