Tuesday 21 November 2017

Dublin is 'default destination' for Europe hub if Brexit costs UK access to single market

(Stock picture)
(Stock picture)
Donal O'Donovan

Donal O'Donovan

Bank of America sees Dublin as its "default destination" for a new hub inside the European Union if Brexit costs the UK its easy access to the single market.

“Dublin is an emergency, a default option that the bank has,” one of its top executives in Germany said.

If Brexit cuts London off from the EU market, Bank of America will most likely move some jobs to a number of other cities including Frankfurt, Madrid, Luxembourg and Amsterdam, Nikolaus Naerger said at a press briefing reported by Bloomberg.

The German executive is Bank of America’s head of corporate banking in Germany, Switzerland and Austria.

In addition, the bank will need a European hub, he said. That will potentially be in Dublin.

“We will look very carefully who can be the EU passporting entity in future,” he said.

The bank will make the final decision on a hub once there is more clarity on where Brexit negotiations are headed, he added.

Bank of America already has a fully licensed operation in Dublin, which is why it is the default option, Mr Naerger said.

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