Credit Suisse has received regulatory approval to set up a branch in Ireland as the Swiss bank considers moving some prime brokerage operations to Dublin from London to cut costs.

Switzerland's second-biggest bank is the first non-European Union lender to gain authorisation to operate a branch as part of its Credit Suisse subsidiary, a Central Bank spokesman said. Before 2013, non-EU banks had to set up as full subsidiaries in Ireland and be directly regulated here.

Credit Suisse plans to relocate some business in prime services, which lend securities and cash to hedge funds and settle trades for them. This will involve about 40 traders and some 60 back-office staff moving to Dublin from London, it was reported last month.

Credit Suisse chief executive Tidjane Thiam, who took the top job earlier this year, is overhauling securities trading in a bid to boost returns for shareholders and meet tougher capital requirements.

Bloomberg