Latest news with #CitiIreland
Irish Examiner
13-05-2025
- Business
- Irish Examiner
International banks in Ireland braced for 'headwinds' amid trade tensions
Four out of five international banks operating in Ireland expect to face 'headwinds' from geopolitical tensions and resulting effects on trade. A report published on Tuesday by the Federation of International Banks in Ireland (FIBI) shows that the international banking sector in Ireland is set to grow with over 60% of member firms expected to increase business activity and 39% expected to increase the number of people employed in 2025. However, 79% of banks believe the trade uncertainty brought about by the US administration's tariffs will be a concern over the next five years. The increasing regulatory burden is also regarded as a challenge by 61% of members. 'While the overall outlook remains positive, the industry does face headwinds. In common with businesses in every other sector, Ireland's international banks are likely to be impacted by heightened geopolitical tensions and resulting disruptions to trade," said FIBI chair and country head for Citi Ireland, Davinia Conlan. "The increasing regulatory burden was also seen as a challenge by 61% of members while a further 39% cited the diverging international regulatory landscape. This is to be expected against the backdrop of a growing tide of regulation coming into force both domestically and at EU level, exacerbated by the increased complexity caused by the varying approaches taken to implementing regulations in different jurisdictions.' Ireland hosts operations for more than 30 international banks and ranked eighth largest exporter of financial services in the world. Internationally owned business, financial and other services firms were responsible for direct spending in the Irish economy of €5.5bn, according to the Department of Enterprise, Trade and Employment, including more than €3.9bn in payroll costs alone. Ireland's international banks also make a significant contribution to employment across the country with employment in FIBI member firms up by over 20% on pre-pandemic levels, with almost 14,700 employed at the start of 2025. "As the international financial services industry grows in Ireland, the talent pool is expanding organically, and many companies now have a depth of experience that was not previously available to them. The quality of talent available is also having a positive impact on growth in the sector, which is helping FIBI member firms to expand their business and develop beyond initial plans,' said Ms Conlan. FIBI is an affiliate of the Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland.
Business Post
13-05-2025
- Business
- Business Post
Ireland's international banks signal growth despite rising global risks
Banking Ireland's international banks signal growth despite rising global risks Megan O'Brien 10:48 Davinia Conlan, chair of FIBI and country head for Citi Ireland, said: 'Ireland is recognised as a major European and global hub for international banking and investment firms'.
