Bank of America chooses Dublin as its EU hub post-Brexit

Pictured following a meeting in Government Buildings today to discuss the announcement are Taoiseach Leo Varadkar with Chairman and CEO of Bank of America Brian Moynihan

Louise Kelly

July 21 2017 02:40 PM

Bank of America has confirmed that it has chosen Dublin as the preferred location for its principal EU legal entities following the UK’s departure from the EU.

Dublin is the home of more of Bank of America's employees than any other European city outside of the UK. The bank already has a fully licenced and operational Irish-domiciled bank.

Bank of America has operated in Ireland and engaged in the local community for almost 50 years, Brian Moynihan, Chairman and CEO of Bank of America, said on Friday following the announcement.

"This includes just this week our contribution of €880,000 to the Music Generation education program, following a €700,000 contribution a few years ago," 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."

Mr Moynihan said the bank is making all necessary preparations to serve their clients however those discussions "while we await further clarity around the Brexit negotiations".

Welcoming the announcement, Taoiseach Leo Varadkar said that Bank of America has a long-standing commitment to Ireland.

"This announcement follows a number of recent announcements by leading global financial institutions and is a strong endorsement of Ireland’s attractiveness as a location for investment, and of the Government’s approach to securing Brexit-related activities," he said.

"Bank of America also has a long tradition of philanthropy in Ireland, and I was delighted to learn of its plans for further investment in the Music Generation scheme to support music education in Irish schools."

Tánaiste and Minister for Enterprise and Innovation, Frances Fitzgerald TD said that this is another vote of confidence in Ireland and its expanding international financial services sector.

"It shows that our track record, pro-business environment, highly skilled talented workforce and an unwavering commitment to the European single market continues to appeal to investors," she said.