Bank of Amer­ica chooses Dublin for main EU hub af­ter Brexit

Muscat Daily - - BUSINESS -

Lon­don, UK - Bank of Amer­ica has picked Dublin to lo­cate its main Euro­pean Union hub in prepa­ra­tion for Bri­tain quit­ting the bloc in 2019, the lat­est global bank to fi­nal­ize its con­tin­gency ar­range­ments af­ter Brexit.

The bank will move some roles from Lon­don to the Ir­ish cap­i­tal and other EU cities, it said in a state­ment. Bank of Amer­ica al­ready has a fully li­censed op­er­a­tion and em­ploys more than 700 peo­ple in Ire­land.

Lon­don has flour­ished as a hub for global fi­nance be­cause firms based in the cap­i­tal have the right to do busi­ness across the 28-na­tion EU. Bri­tish banks, as well as firms from the US, Ja­pan and other non-EU coun­tries with a base in Lon­don, stand to lose this “pass­port” af­ter Brexit.

“While we await fur­ther clar­ity around the Brexit ne­go­ti­a­tions, we are mak­ing all nec­es­sary prepa­ra­tions to serve our clients how­ever those dis­cus­sions con­clude,” Brian Moynihan, Bank of Amer­ica’s CEO said in the state­ment.

Dublin is the sec­ond most pop­u­lar des­ti­na­tion - af­ter Frank­furt - for fi­nan­cial-ser­vices com­pa­nies seek­ing un­in­ter­rupted EU ac­cess post Brexit. The city pro­vides a low-tax English-speak­ing lo­ca­tion and has sim­i­lar laws and reg­u­la­tions to its UK neigh­bour.

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