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