US bank plans Dublin facility

The US bank Salomon Smith Barney is to open an equity sales branch in Dublin. The group, which is part of the Citigroup conglomerate, has poached a team from Deutsche Bank's Dublin operations to run it. SSB plans to open for business shortly, but is still awaiting approval from the regulatory authorities. It joins a growing number of stockbroking operations opening for business in Dublin. The German group, Commerzbank, is the most recent to announce plans to open an equity dealing service here.

SSB has recruited Mr Seamus Brady, the former Deutsche Bank executive responsible for managing and selling UK and European equity products to Irish institutions. He will now manage SSB's Dublin branch.

Also joining from Deutsche Bank are Mr Kevin Molony and Mr Robert McMahon, who will work with Mr Brady. Mr Brady and his team will report to Salomon's London-based managing director and head of equity sales in Europe, Mr Hagen Luetzow.

The Dublin office will offer US, Japanese and emerging markets equity products as well as UK and European equities to Irish clients. In a statement yesterday, SSB said Ireland is a key market for the firm and it intends to develop a substantial business base here.

The move follows the appointment of Mr David White as managing director with responsibility for the UK and Ireland within the bank's European investment arm. Salomon is currently advising the Government on strategic options for Aer Lingus.