Bank moves operations to Ireland

Source: Xinhua | 2018-12-04

Bank of America has finished moving its banking and markets operations in Europe to a new base in Dublin from London.

International banks are setting up subsidiaries across the European Union to ensure they can continue to serve clients. Their London operations may lose the right to operate across the EU with Britain’s departure from the bloc in March still filled with uncertainty.

As part of its preparation for Brexit, Bank of America announced last year that it would merge Bank of America Merrill Lynch International, its London-based subsidiary, into its Irish entity based in Dublin.

“We are pleased to have worked closely and constructively with our regulators to complete this critical component of our Brexit preparations exactly on schedule and well ahead of the earliest possible date of the UK’s exit from the EU,” Bank of America Merrill Lynch Europe Chair Anne Finucane said.

Bank of America will move up to 125 jobs from Britain. The moves will be a combination of staff relocation and new hires.