LONDON May 17 Insurer and asset manager
Standard Life is likely to choose Dublin as the base for
its European Union subsidiary after Britain leaves the bloc, its
Standard Life already has an operation in Dublin and is
unusual among British life insurers in having thousands of
customers in the EU.
Financial services firms are looking to set up regulated
subsidiaries in the EU in case they lose access to the bloc
"The most likely scenario – and the one we are now
working towards – is using our Dublin-based operation to
continue to support our European customers and clients,"
chairman Gerry Grimstone said in the text of a speech given to
shareholders at the firm's annual general meeting on Tuesday.
"We are now working through the regulatory matters and
other arrangements we would need to put in place to
Standard Life's choice of Dublin will be a boost for the
Irish capital, which has lost out to high-profile insurers AIG
and Lloyd's of London, which have picked Luxembourg and
Standard Life shareholders will vote next month on the
firm's 11 billion pound ($14.23 billion) merger with rival
Scottish fund firm Aberdeen Asset Management.
($1 = 0.7732 pounds)
(Reporting by Carolyn Cohn; Editing by Rachel Armstrong)