Thursday 13 December 2018

Bank of America 'Brexit-ready' as UK and Irish units merge in Dublin hub

The move, prompted by Brexit, has been in train since last year, when the institution revealed that it had selected Dublin as its European hub. Photo: iStock
The move, prompted by Brexit, has been in train since last year, when the institution revealed that it had selected Dublin as its European hub. Photo: iStock
John Mulligan

John Mulligan

Bank of America Merrill Lynch has completed the cross-border merger of its UK banking unit with its Ireland-based arm, making Dublin the hub for its main European banking entity.

The move, prompted by Brexit, has been in train since last year, when the institution revealed that it had selected Dublin as its European hub.

The announcement was a coup for the Government in its battle to lure financial services business to Ireland as it vied with cities such as Frankfurt, Luxembourg and Amsterdam for a post-Brexit jobs dividend.

About 80pc of the 125 roles being moved to the new Bank of America Merrill Lynch hub are based in Dublin, with the remainder scattered across continental Europe.

The hub is headed by chief executive Bruce Thompson, a Bank of America veteran who's a former group chief financial officer and head of risk at the institution.

He said the Dublin operation is "world-class", and combines both international and local talent.

"We now stand ready to serve our clients seamlessly in their final preparations for Brexit and for the long term," he said.

Chair of the combined unit Anne Finucane said that the hub was a "critical component" of the bank's Brexit preparations.

Ms Finucane is vice chairman at Bank of America.

Following the merger, Bank of America Merrill Lynch now employs more than 800 people in Ireland.

Irish Independent

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