Bank of America on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc.
International banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate across the bloc once Britain leaves in March 2019.
Frankfurt and Dublin are emerging as early winners for banks’ post-Brexit operations.
“Bank of America has operated in Ireland and engaged in the local community for almost 50 years,” said Brian Moynihan, chairman and CEO of Bank of America.
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.
The Irish government, which has been keen to attract investment banks to Dublin, welcomed the news.
“This announcement…is a strong endorsement of Ireland’s attractiveness as a location for investment, and of the government’s approach to securing Brexit-related activities,” Irish Prime Minister Leo Varadkar said following the announcement and a meeting with Moynihan in Dublin on Friday.