Matheson is pleased to have advised Northern Trust on the establishment of The Northern Trust Company, Ireland Branch, following the granting of a banking licence by the Central Bank of Ireland.
The new Ireland branch will provide a range of custodial, banking and capital markets services, including domestically regulated banking services for Ireland-domiciled clients. Its establishment forms part of Northern Trust’s broader European expansion strategy and complements the activities of Northern Trust Global Services S.E., Northern Trust’s continental European bank based in Luxembourg.
The approval reinforces Ireland’s position as a leading European financial services centre and enables Northern Trust to continue servicing EU-domiciled clients in line with evolving regulatory requirements, including the EU’s CRD VI and CRR III frameworks.
Niamh Mulholland, Financial Institutions Group Partner, said: “We are delighted to have advised Northern Trust on this significant milestone. The establishment of The Northern Trust Company, Ireland Branch reflects Northern Trust’s continued commitment to Ireland and its European client franchise and marks an important development in the firm’s long-term growth strategy. We look forward to continuing to support Northern Trust as it continues to develop and expand its operations across Europe.”
Northern Trust has maintained a significant presence in Ireland for 25 years and today employs more than 1,800 people across its Dublin and Limerick operations, supporting institutional clients both domestically and globally.
Joe Beashel, Co-Head Financial Institutions Group said: “Supporting the development of financial institutions in Ireland and across Europe is a key strategic priority for Matheson. We want to congratulate all at Northern Trust on this significant achievement.”
The establishment of The Northern Trust Company, Ireland Branch comes at a time of significant regulatory change for international banking groups operating in Europe, including the implementation of CRD VI and CRR III. As firms continue to assess the impact of these developments, regulatory authorisations and operating model considerations remain a key area of focus across the sector.
The Matheson team was led by Financial Institutions Group Partner Niamh Mulholland, Senior Regulatory Advisor Brid Cannon and Financial Institutions Group Associate Aaron Leonard.
For more information about our Financial Institutions Group and our expertise in banking authorisations, regulatory change and CRD VI implementation, please contact a member of the team or your usual Matheson contact
