The Irish capital city has a new finance chief, a chief executive, and the head of a new government, all of whom have come from outside of the banking sector.
But the changes are only a part of the changes to the city’s finances, which are also set to be significantly more competitive.
The chief executive of a firm called BH Capital, which is now in the process of merging with another firm, is a former finance chief at Lloyds Banking Group.BH Capital is set to take over the reins of the City of Dublin’s finances after the sale of Lloyd, one of the country’s largest banks, to a consortium led by BNP Paribas.
This deal was agreed in October last year and was intended to allow Lloydes to restructure its debt to the tune of €5.3bn ($5.9bn) by 2019, which would allow the firm to borrow on the Irish markets.
This is not a done deal, however, and there are still many unanswered questions.BHP is not only looking to restructuring, but to take on a greater role in the City.
In a statement, BHP Capital said it will be “a key player” in the restructuring of the city and its economy.
However, it said the deal was not in line with BHP’s long-term strategic plan.
This will require a significant shift in strategy and BHP will be taking a long-overdue look at how we are moving our operations from a financial service business to one focused on the City, said Mr Jolliffe.
We will be looking at our growth strategy, what we do in the financial services space, our investment in infrastructure and the value we add in our core businesses and how we can best leverage our financial services capabilities, he added.
There has been a lot of discussion in the finance sector about how we move our businesses and our people and what our strategy should be.
This agreement is an important step in our efforts to align our strategy, our approach to our businesses, our operations and our future business, said the chief executive.
The financial services firm said it is still finalising a new operating structure that will allow it to take advantage of the financial and tax environment in the city, but said it would not be able to provide a full-fledged financial services company for the City until it had a better idea of its future.