Bank of America chooses Dublin for main EU hub after Brexit
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.