Canada's largest lender to expand in Dublin following Brexit

TD Securities employs more than 3,800 people in 13 offices around the world

Canada's largest lender to expand in Dublin following Brexit

The Taoiseach Leo Varadkar with Bharat Masrani, CEO of Toronto Dominion (TD) Bank Group and Mary Buckley executive director of IDA Ireland, 21-08-2017. Image: IDA Ireland.

One of Canada's largest financial services companies has chosen Dublin as its post-Brexit hub, announcing plans to establish a bond trading business in the capital.

TD Securities has over 25 million customers globally and employs more than 3,800 people in 13 offices around the world.

The company provides a range of capital market products and services to corporate, government and institutional clients.

The company confirmed the move following a meeting with the Taoiseach Leo Varadkar in Toronto yesterday.

The IDA has been working closely with the company over the past year in an effort to get the move over the line following the Brexit referendum.

Speaking at the announcement yesterday Mr Varadkar said it was a "big win for Ireland" as the government works to expand the range of financial services companies investing in the country.

"TD Securities is a major player in world financial markets and I am particularly pleased that they have decided to expand their existing operations in Ireland," he said.

"The Canadian banking system has a renowned reputation for both stability and innovation, and Ireland is delighted to welcome this new business to our shores.

"As we face into the challenges of Brexit, we are determined to pursue and seize new opportunities and investment projects from key companies worldwide.”

TD Securities is a division of the Toronto-Dominion Bank Group. The company already has a small operation in the IFSC in Dublin, TD Global Finance, which trades in global shares and credit products.

It currently employs around 300 people at its London headquarters.

Commenting on the announcement, IDA Ireland chief executive Martin Shanahan said: "TD Securities has been operating in Ireland over the last 20 years and it stands to reason that they would choose Ireland to grow their European business."

"Ireland remains one of the top countries in the world in which to do business with a highly skilled work force, a consistent track record of being pro-business, and membership of the European market," he said.

"I look forward to working with the company as they expand their operations in Ireland.”

Banking organisations that have already chosen to move their EU bases to Ireland include Barclays, Citigroup and JP Morgan.