DZ Bank to close with loss of 20 jobs
DZ Bank Ireland, has become the latest former IFSC bank to hand back its Branch in Dublin.
The bank, which in recent years was particularly active in the securities and asset-backed securities business, closed its Dublin branch last month, with the loss of 20 jobs.
The move follows a decision last year by the supervisory board of DZ Bank AG to close the branch.
A spokeswoman for the bank said, “This decision was taken as a result of DZ Bank Group’s focus on ‘VerbundFirst’ and its concentration on the Volksbanken Raiffeisenbanken and their customers.”
VerbundFirst involves putting the needs of the local banks and their clients ahead of DZ Bank’s own profit maximisation and focuses on the domestic market.
DZ Bank first came to Dublin in 1995 when it received an IFSC licence incorporation as SGZ (Ireland) plc.
At one point it employed almost 30 people, had assets of close to €4 billion and was focused on investing in high-grade credit products including floating rate notes and asset swaps, and syndicated and bilateral loans to a range of parties such as financial institutions.
The spokeswoman said a social compensation plan had been put in place to provide support for the 20 or so employees in their search for new employment.
