Brexit: Bank of America chooses Dublin for EU base after UK leaves the bloc

The bank did not say how many roles would be moved or created in the Irish capital, where it currently has over 700 staff

The Irish capital has been one of the main centres financial services firms have chosen for their EU hubs after Brexit (Flickr/Dyn Photo)

Bank of America has become the first Wall Street bank to pick Dublin to be its new base for its European Union operations as Britain prepares to leave the bloc, the firm said in a statement on Friday.

International banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate in the bloc after Britain leaves in March 2019.

Details of banks' Brexit arrangements are starting to emerge following a July 14 deadline for them to submit details of their contingency plans to the Bank of England.

“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.

The bank did not say how many roles would be moved or created in the Irish capital, where it currently has over 700 staff and a fully licensed entity, but said that some roles would also move to other EU locations.

The announcement follows news this week that Wall Street's Citigroup Inc. (C.N) and Morgan Stanley (MS.N) have picked Frankfrut as bases for the EU hubs post Brexit.

Reuters