DUBLIN, Ireland: In a move it believed was the right step forward, Barclays Bank has initiated plans to relocate its European headquarters from Dublin to Paris.

The banking giant said this was being done to gain a strategic foothold in growing markets.

The move from Dublin to Paris will likely not be completed until the first half of 2027 and still requires regulatory approval. It is expected to have minimal effect on staff in Ireland.

When the move happens, most of Barclays' top decision-making will be closer to where most of its investment banking work is done in Europe.

After Brexit, Barclays, which is headquartered in London, moved billions of pounds in assets to Dublin and hired more workers there. But in 2023, the bank first suggested moving its European headquarters to Paris, which has since become an important trading center for the bank.

The move will place most business decisions closer to its primary investment banking operations on the continent.

Barclays Europe CEO Francesco Ceccato called the move an important step that will help the bank better serve its clients. He said the company carefully discussed the plan, believes it is the right decision for both the bank and its customers, and that they are excited about what comes next.

Barclays also said it will continue to grow its corporate and private banking businesses and keep staff in Dublin.