MULTINATIONAL BANKING GIANT Bank of America has confirmed that it will set up its new EU hub in Dublin after Brexit.
The company said that it would move some roles from London to Dublin following the UK’s decision to leave the EU. It did not specify how many people it may move to, or hire in, the Irish capital.
Bank of America already employs about 700 people in Ireland.
In a statement, the firm said: “Bank of America confirms that it has chosen Dublin as the preferred location for its principal EU legal entities following the UK’s departure from the EU”.
Brian Moynihan, Bank of America’s chairman and CEO, said that Dublin “is the home of more of our employees than any other European city outside of the UK”.
“We already have a fully licenced 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 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.”
He added: “While we await further clarity around the Brexit negotiations, we are making all necessary preparations to serve our clients however those discussions conclude.”
Many financial companies with bases in London have been looking to set up new EU subsidiaries to ensure they can continue to serve clients in case their UK bases lose the ability to easily operate with the rest of the EU post-Brexit.
Frankfurt and Paris have attracted the majority of the companies moving abroad so far, although several, such as Barclays, are still weighing a bigger presence in Dublin.
However analysts have said the Irish capital is most likely to attract ‘middle office’ jobs from the major firms while their large-scale operations go to Germany and France.