Bank of America picks Dublin as post-Brexit hub

Bank of America became the first US lender to picked Dublin as its new base for its EU operations as part of its strategy as Britain readies for its departure from the 28-nation bloc.
“Dublin is the home of more of our employees than any other European city outside of the UK,” Brian Moynihan, chairman and chief executive of Bank of America, said.
“We already have a fully licensed and operational Irish-domiciled bank which, combined with Ireland’s strong commitment to business and economic growth, makes Dublin the natural location to consolidate our legal entities as we transition,” he added.
Bank of America currently has 700 staff in Dublin and a 6,500 workforce in the UK, of which 4,500 are based in London. The Wall Street lender first established an Irish presence in 1968.
International banks are considering alternative locations in the bloc so they can continue serving clients if their London operations close once Britain leaves in March 2019.
Citigroup and Morgan Stanley have both picked Frankfurt as bases for their EU hubs, while Barclays earlier said that was talking with regulators about extending its activities in Dublin.
Dublin has been locked in competition with Frankfurt, Luxembourg and Paris to lure financial firms making contingency plans for Brexit.

Source: Arab News