“Bank of America has operated in Ireland and engaged in the local community for almost 50 years,” said Brian Moynihan, chairman and CEO of Bank of America.
Bank of America is extending its existing lease on its building in Leopardstown, Dublin, according to the Irish Times.
FILE PHOTO – A Bank of America logo is seen in New York City, U.S. January 10, 2017.
LONDON/DUBLIN (Reuters) – Bank of America (BAC.N) on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc.
The Irish government, which has been keen to attract investment banks to Dublin, welcomed the news.
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Bank of America Chooses Dublin as European Union base after Brexit
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Bank of America picks Dublin as Post-‘Brexit’ European Hub
PhotoLONDON — Bank of America said on Friday that it had chosen Dublin as its future European Union hub, the latest major financial services firm to outline its plans to deal with Britain’s departure from the 28-nation bloc.
But those companies now face the distinct possibility that they may no longer be able to serve European clients from London after Britain leaves the bloc.
Advertisement Continue reading the main storyThat is no longer guaranteed when Britain leaves in 2019, so financial companies have been moving forward with contingency strategies, and Bank of America is the latest lender to announce its plans.
Many banks and financial firms have concentrated their European operations in London, taking advantage of deep and liquid markets as well as the wide variety of support industries that have built up in the British capital, including accountants and lawyers.
With Britain as a member of the bloc, companies based in the country have been able to sell financial products across the Continent under “passporting” rules, which allow a lender licensed in one member state to work throughout the European Union.
collected by :Ros Roger