WASHINGTON (BLOOMBERG) - 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 (July 21). 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 US, 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 UK neighbour.