LONDON/DUBLIN: Bank of America on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc.
International banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate across the bloc once Britain leaves in March 2019. Frankfurt and Dublin are emerging as early winners for banks' post-Brexit operations. "Bank of America has operated in Ireland and engaged in the local community for almost 50 years," said Brian Moynihan, chairman and CEO of Bank of America.
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