Sunday 20 October 2019

Profits soar at 'Brexit' merged finance firm

BAMLI now counts branches at Frankfurt, Amsterdam, Brussels, Paris, Zurich, Madrid and Milan among the Dublin registered business
BAMLI now counts branches at Frankfurt, Amsterdam, Brussels, Paris, Zurich, Madrid and Milan among the Dublin registered business

Gordon Deegan

A financial services firm created in response to Brexit last year increased its pre-tax profits 12 fold to $76m (€67.85m).

According to new accounts filed by the Dublin-based Bank of America Merrill Lynch International DAC (BAMLI), the business recorded the sharp increase in pre-tax profits after its total operating income increased 18 fold from $14m to $252m.

Up until December 1 last the company only had its head office in Dublin with a single branch in London.

However, in response to Brexit - and in order to have a scalable EU domiciled credit institution owned by its immediate parent, Bank of America National Association (BANA) - the business carried out a merger on December 1 that resulted in seven units across Europe being added to its Dublin headquartered business.

As a result, BAMLI now counts branches at Frankfurt, Amsterdam, Brussels, Paris, Zurich, Madrid and Milan among the Dublin registered business.

The merger resulted in the numbers employed by the firm increasing from 18 to 613, with staff costs increasing from $8m to $98m.

The accounts show that 582 of staff are engaged in support, operations and technology with 31 engaged in trading, sales and advisory.

At the firm, 11 directors last year shared pay of $8.48m made up of $8.13m in emoluments, $305,000 in non-executive directors' fees and pension contributions of $43,000.

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