Belfast Telegraph

Bank of America picks Dublin for European hub after Brexit

Bank of America has chosen Dublin as the base for its main European legal entities once Brexit kicks in.

The company, which currently has 700 staff in Ireland and about 6,500 in the UK, said that roles will be also moved to other EU destinations.

Chairman and chief executive Brian Moynihan said the Irish capital was a natural choice for the move as the bank already has a fully licensed and operational Irish-domiciled subsidiary there.

" Dublin is the home of more of our employees than any other European city outside of the UK," he said.

"We will move roles not only to Dublin but to other EU locations, with the focus on how we can best support our clients in these markets.

"While we await further clarity around the Brexit negotiations, we are making all necessary preparations to serve our clients however those discussions conclude."

The exact scale and nature of Bank of America operations being switched to Dublin has not been confirmed.

Irish Taoiseach Leo Varadkar met Mr Moynihan to discuss the plans and described the decision as a strong endorsement for Ireland.

"Bank of America has a long-standing commitment to Ireland and I look forward to this relationship growing and deepening in the years ahead," he said.

The announcement follows a number of big players in the city revealing post-Brexit plans for Frankfurt and Dublin.

Citigroup has opted for the German financial centre for b roker-dealer entity, while b anks including Standard Chartered, Japan's Daiwa and Sumitomo Mitsui Financial Group (SMFG), as well as South Korea's Woori Bank, have all confirmed plans for subsidiaries in Frankfurt.

Others including JP Morgan have indicated plans for a pan-European strategy, with proposals to spread staff across sites including Dublin, Luxembourg and Frankfurt.

The Press Association understands that Morgan Stanley has also chosen Frankfurt as the site of its post-Brexit hub.

IDA Ireland, the country's agency for attracting foreign investment, said Bank of America's decisions showed the importance of Ireland as a gateway to the single market.

Chief executive Martin Shanahan said: " This is yet another very important signal to the market that financial services companies can come to Ireland and service their European customers with minimum disruption to their business."