ABN moving all its operations to financial centre

ABN AMRO will move all its Irish operations into a new building in the International Financial Services Centre in May, 1997.

The Dutch owned bank will become the anchor tenant in a new six block IFSC development, Custom House Plaza, with its purchase of the 42,131 square foot Block One.

ABN's banking operation, currently located in Stephen's Green, Riada Stockbrokers and Corporate Finance, now in College Green, its IFSC operation and possibly its MeesPierson Fund Services subsidiary will move into the new building, to be known as ABN AMRO House. The dealing rooms of Riada and the bank are to be combined.

Announcing the ABN move yesterday, the Minister for Finance, Mr Quinn, congratulated ABN for bits solid commitment to the project and indeed to this country".

ABN will be 25 years in Dublin in 1997, according to the manager of ABN AMRO group in Ireland, Mr Ed Merbis. The group, which employs 200 people in Ireland, has outgrown its current accommodation, he said.

Mr Merbis declined to disclose what ABN is paying for the block, which market sources say could be worth about £18 million.

But the deal is complicated by an arrangement under which Custom House Plaza developer, Mr Brian Rhatigan, is taking over ABN's premises in Stephen's Green and College Green. These buildings are to be offered for rent at £6 per square foot.

ABN's move will allow greater synergy between group operating divisions and ensure maximum cross selling opportunities, Mr Merbis said. The group has already combined its banking and investment banking operations in Britain, Denmark and Spain.