Court of Session gives green light to Standard Life’s Irish Brexit asset transfer

The company has received the final permission it needed from the Court of Session in Scotland to go ahead with the move.

Standard Life will now transfer around 600,000 Irish, German and Austrian Standard Life customer policies to Standard Life International, its Dublin-based entity.

The move means the firm will be able to continue to serve its affected customers through continued use of the EU passporting rights for financial services after the UK leaves the EU.

Standard Life’s Irish operations will have €26 billion of assets under management once the transfer is complete.

The company said that this would make it the second-largest life assurance company in Ireland, after Irish Life.

Standard Life said that it would hire an extra 20 staff in Dublin to boost its team in the capital and support the additional assets being moved.

The company has also injected €290 million of capital into its Irish business to meet Central Bank funding requirements.

Nigel Dunne, chief executive of Standard Life International, said: “On behalf of our customers, we are delighted with the positive court ruling. It allows us to ensure a seamless continuity of service for all our clients, which has been our top priority since the 2016 Brexit referendum.”