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Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. For more information you can review our Terms of Service and Cookie Policy.</s>Bank of America has picked Dublin to locate its main European Union hub in preparation for Britain quitting the bloc in 2019.

The bank will move some roles from London to the Irish capital and other cities across the region, the bank said in a statement Friday. Bank of America already has a fully licensed operation in Dublin.

London has flourished as a hub for global finance in part because firms based in the capital have the right to do business across the 28-nation EU. After Brexit, British banks as well as London-based firms from the U.S., Japan and other non-EU countries stand to lose this "passport" and may need to channel their business through units based in the bloc.

"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 chief executive officer said in the statement.

Dublin is a popular destination — along with Frankfurt — for financial-services companies seeking uninterrupted EU access post Brexit. Dublin provides a low-tax English-speaking location and shares similar laws and regulations to its U.K. neighbor.</s>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.

Many banks and financial firms have concentrated their European operations in London, taking advantage of deep and liquid markets as well as the wide variety of support industries that have built up in the British capital, including accountants and lawyers. But those companies now face the distinct possibility that they may no longer be able to serve European clients from London after Britain leaves the 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.</s>The Bank of America announced Friday that Dublin will be the new base for its European Union operations following Britain’s decision last year to split from the EU. Brian Moynihan, CEO of the Charlotte-based bank, made the announcement during a trip to the Irish capital city. It becomes the latest large U.S. bank in recent weeks to disclose plans for continuing to serve clients in EU countries following the so-called Brexit vote in 2016.

In a statement, Moynihan called Dublin the “natural location” for consolidating the bank’s legal entities, noting Bank of America already has an Irish-domiciled bank.

The chief executive also noted Dublin is home to more Bank of America employees than any other European city outside of the U.K., and that the bank has operated in Ireland for almost 50 years.

Big banks have been disclosing more details about where they will base hubs in order to continue accessing EU markets after the March 2019 Brexit deadline.

On Thursday, Citigroup employees were told the New York-based bank may hire 150 new staff in the EU as it bolsters Frankfurt as its newest trading, Bloomberg reported. JPMorgan Chase’s investment banking head in May said the New York-based bank planned to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg. Other banks have also discussed Brexit plans.

Moynihan, who met Friday with Irish Prime Minister Leo Varadkar, said the bank will move roles not only to Dublin but also to other locations in the EU. Moynihan told the Financial Times it was too early to give specifics but the bank would definitely have more people in Dublin than the 700 it currently has, the news outlet reported. That will be achieved through a combination of new hires and moving staff from the bank’s London office, the FT reported.

Bank of America’s selection of Dublin was not a complete surprise. In March, Bloomberg anticipated one of the bank’s top executives said the company viewed Dublin as its default destination for a new hub inside the EU.</s>Bank of America announced Friday that it will move its hub for EU business to Dublin from London following Brexit.

The Irish capital will be "the preferred location for (the bank's) principal EU legal entities following the UK's departure from the EU," BofA said in a statement.

"Bank of America has operated in Ireland and engaged in the local community for almost 50 years," chief executive Brian Moynihan said.

BofA, the second biggest US bank by assets, did not specify the employment impact of the decision.

The bank currently employs about 700 people in Dublin and 4,500 in London, and is expected to transfer a small number of jobs from London to Dublin, a person familiar with the matter said.

BofA said it also will transfer functions out of London to other EU venues "with the focus on how we can best support our clients in these markets."

Earlier this week, Morgan Stanley and Citigroup, two other big US banks, signaled they would choose Frankfurt as a new hub following Brexit, which is expected to take effect in 2019.

Meanwhile, JPMorgan Chase has transferred hundreds of jobs to Dublin, but has not announced plans for a permanent headquarters for the EU.</s>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.</s>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."</s>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.—Agencies</s>A Bank of America logo is seen in New York City, U.S. January 10, 2017.

LONDON/DUBLIN (Reuters) - Bank of America on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc.

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 across the bloc once Britain leaves in March 2019.

Frankfurt and Dublin are emerging as early winners for banks' post-Brexit operations.

"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 Irish government, which has been keen to attract investment banks to Dublin, welcomed the news.

"This announcement...is a strong endorsement of Ireland's attractiveness as a location for investment, and of the government's approach to securing Brexit-related activities," Irish Prime Minister Leo Varadkar said following the announcement and a meeting with Moynihan in Dublin on Friday.

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.

Wall Street's Citigroup Inc. and Morgan Stanley have both picked Frankfurt as bases for their EU hubs, whilst Barclays has said it is talking with regulators about extending its activities in Dublin.

Morgan Stanley is likely to spread some of its operations across the EU, with its asset management business expected to go to Dublin as well, a source familiar with the matter told Reuters on July 19.

Bank of America is extending its existing lease on its building in Leopardstown, Dublin, according to the Irish Times. The newspaper also reported the bank was in talks on two other office spaces in the city that would be able to accommodate up to 1,000 employees, giving it the flexibility to add up to 300 additional staff.</s>Bank of America yesterday confirmed it will become the first Wall Street lender to pick Dublin as its new base for its EU operations, as Britain prepares to leave the bloc.

International banks will set up subsidiaries in the EU so they can continue to serve clients, if their London operations lose the ability to operate across the bloc, once Britain leaves in March, 2019.

Frankfurt and Dublin are early winners for banks’ post-Brexit operations and Bank of America yesterday confirmed earlier speculation about its plans to expand in the Irish capital.

“Bank of America has operated in Ireland, and engaged in the local community, for almost 50 years,” said Brian Moynihan, chairman and chief executive of Bank of America.

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

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

The Government, which has been keen to attract investment banks to Dublin, welcomed the news.

“This announcement… is a strong endorsement of Ireland’s attractiveness as a location for investment, and of the Government’s approach to securing Brexit-related activities,” Taoiseach Leo Varadkar said, following the announcement and a meeting with Mr Moynihan in Dublin yesterday.

Tánaiste Frances Fitzgerald said Bank of America’s decision marked “another vote of confidence in Ireland, and its expanding financial services sector, and shows that our track record, pro-business environment, highly skilled, talented workforce, and an unwavering commitment to the European single market continue to appeal to investors”.

Details of banks’ Brexit arrangements are emerging, following a July 14 deadline for them to submit details of their contingency plans to the Bank of England.

Wall Street’s Citigroup and Morgan Stanley have both picked Frankfurt as bases for their EU hubs, whilst Barclays has said it is talking with regulators about extending its activities in Dublin.

Morgan Stanley is likely to spread some of its operations across the EU, with its asset-management business expected to go to Dublin, as well. Bank of America is, reportedly, extending its existing lease on its building in Leopardstown. It has also been reported that the bank is in talks on two other office spaces in the city, which would accommodate up to 1,000 employees, giving it the flexibility to add 300 additional staff.

IDA Ireland chief executive, Martin Shanahan, said Bank of America’s expansion here reflects the importance of Ireland as a gateway to the European single market.

“As the only English speaking, common-law jurisdiction in the eurozone, Ireland is well-positioned to provide certainty to companies servicing the European market in a post-Brexit world.

"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.”
Bank of America chooses Dublin as its European hub.