Northern Trust Corporation (NASDAQ: NTRS) announced it received approval from the Central Bank of Ireland to establish The Northern Trust Company, Ireland Branch.

The new banking branch will provide custodial, banking and capital markets services, including domestically regulated banking services for Ireland-domiciled clients. The branch will operate alongside Northern Trust Global Services S.E., the company's continental European bank established in Luxembourg in March 2019.

The Ireland branch aims to serve European Union-domiciled clients within the region, aligning with requirements from regulatory frameworks including the EU's Sixth Capital Requirements Directive (CRD VI) and Third Capital Requirements Regulations (CRR III). These regulations introduce new supervisory frameworks for branches of third-country credit institutions serving EU-domiciled clients.

"The approval of Ireland Branch underscores our commitment to Ireland as a strategic location for Northern Trust, highlighted by the scale and expertise of more than 1,800 colleagues here who support institutional clients domestically and around the world," said Meliosa O'Caoimh, country head of Ireland at Northern Trust.

Northern Trust has maintained operations in Ireland since establishing Dublin offices in 2000 and Limerick offices in 2007, serving Irish clients since 1989. The company has supported Ireland's funds industry development, including servicing the first Irish UCITS fund.

As of March 31, 2024, Northern Trust reported assets under custody and administration of $18.6 trillion and assets under management of $1.8 trillion. The company operates across 24 U.S. states and 22 international locations spanning Canada, Europe, the Middle East and Asia-Pacific.