Northern Trust Receives Approval for New EU Banking Branch in Ireland

Northern Trust announced that it has received a licence from the Central Bank of Ireland for the establishment of The Northern Trust Company, Ireland Branch (Ireland Branch).

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This 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.

Establishment of the branch is part of Northern Trust’s broader European expansion strategy and underlines its commitment to service clients domestically.

Northern Trust’s EU banking institutions will enable European Union (EU)-domiciled clients to be serviced in 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.

Meliosa O’Caoimh, country head of Ireland, Northern Trust, said: “The approval of Ireland Branch underscores our commitment to Ireland as a strategic location for Northern Trust, highlighted by the scale and expertise of more than 1,800 colleagues here who support institutional clients domestically and around the world. Ireland Branch will mark the next chapter in 25 years of our presence in Ireland and – as an institution compliant with CRD VI and other EU requirements – will provide clients with efficiency and flexibility in today’s complex and evolving regulatory landscape.”

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. Establishing Ireland Branch will also mark a further milestone in Northern Trust’s 55-year presence across EMEA, as we continue to develop our operating model to optimise resiliency and drive productivity for the benefit of our clients.”

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.

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