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Bank of America has picked Dublin as its new EU base in the wake of Brexit it was revealed today.
It is the first of the Wall street lenders to announce where it intends to set up camp after the UK leaves the EU. Reports suggesting that Morgan Stanley will follow Citigroups lead and chose Frankfurt as its base for EU trading after Brexit.
Frankfurt and Dublin are emerging as the early contenders for’ post Brexit operations bases as international banks plan to set up subsidiaries in the EU to ensure they can serve clients if they cannot do so from their London locations once Britain leave in March 2019.
Brian Moynihan, chairman and CEO of Bank of America said: “Dublin is the home of more of our employees than any other European city outside of the UK.
“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 bank already has over 700 staff and a fully licensed operation in Dublin, but said that some roles would also move to other EU locations.