Bank of America Chooses Dublin as Post-‘Brexit’ European Hub
By CHAD BRAYJULY 21, 2017
LONDON — Bank of America said on Friday that it had chosen Dublin as its future European Union hub, the latest
major financial services firm to outline its plans to deal with Britain’s departure from the 28-nation bloc.
With Britain as a member of the bloc, companies based in the country have been able to sell financial products across the Continent
under “passporting” rules, which allow a lender licensed in one member state to work throughout the European Union.
That is no longer guaranteed when Britain leaves in 2019, so financial companies have been moving forward with contingency strategies,
and Bank of America is the latest lender to announce its plans.
“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,” the statement said.
Brian T. Moynihan, the Bank of America chairman and chief executive, said in a news release
that Dublin was the home of more of the lender’s employees than any other European city outside of Britain.
Bank of America, which has operated in Ireland since 1968, plans to move jobs not only to Dublin,
but also to other locations where it operates in Europe, depending on the outcome of the negotiations on Britain’s withdrawal.