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. 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. 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. 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.

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