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Barclays says has spent up to 200 million pounds on Brexit

Reuters  |  DUBLIN 

By Padraic Halpin

(Reuters) - has spent 100 to 200 million pounds ($129-258 million) moving operations and staff out of Britain to prepare for Brexit, its UK said on Wednesday as bosses detailed the costs involved.

International banks have been setting up subsidiaries across the since Britain voted to leave the bloc in 2016 to ensure they can continue to serve clients if their operations in lose the rights to do so from March 29.

has moved its European headquarters and almost 200 billion euros in assets to and last year began shifting 40 to 50 investment jobs to from

Grimstone detailed Barclays' costs after of America Vice told a conference in that her had spent $400 million on its Brexit preparations.

"I hate to say that we're more cost effective than We've certainly spent 100, 150 or 200 million," Grimstone said at Dublin's annual European Financial Forum.

Morgan Stanley's of EMEA, Clare Woodman, declined to say how much the bank had spent on its moves to and

Grimstone said had swiftly moved to take advantage of the new environment.

"We identified a couple of years ago that there were huge opportunities for us. We haven't been dragged kicking and screaming to this," he said of Barclays' new Dublin office. It can accommodate a staff of 400 and 1,700 staff around will report to it.

"We believe this will give us a competitive advantage on the continent which we haven't had before," he said.

"At the same time as expanding here, we are expanding our trading presence in and we will use this to be a major force in the euro market and in euro clearing."

($1 = 0.7757 pounds)

(Reporting by Padraic and Graham Fahy; editing by Jason Neely)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 13 2019. 19:25 IST