Barclays Bank Ireland and its parent gets ratings boost

Fitch upgrades bank from ‘A’ to ‘A+’ after it increases subordinated debt buffers

Barclays became the largest lender in the Republic earlier this month

Barclays became the largest lender in the Republic earlier this month

 

Ratings agency Fitch has upgraded Barclays Bank Ireland and its parent to ‘A+’ with a stable outlook following an increased in subordinated debt buffers at the institutions.

The ratings upgrade also applies to Barclays Bank UK, which is also upgraded from an ‘A’ rating.

Barclays became the largest lender in the Republic earlier this month after opening a new office in Dublin.

The bank, which intends to double headcount locally to 300 by the end of next year, has chosen the Republic as its post-Brexit EU hub and it is to become home to €224 billion of group assets within the next five months.

The London-listed bank opened its new 37,000sq ft offices at One Molesworth Street in Dublin 2, last week.