Bank of America says it has chosen Dublin as its "preferred location" following the UK's departure from the European Union.

It says its principal EU legal entities will be based here.

Dublin is the home of more Bank of America employees than any other European city outside of the UK.

The company also has a fully licenced and operational Irish-domiciled bank.

It says this, combined with Ireland's strong commitment to business and economic growth, makes Dublin "the natural location."

Speaking in Dublin, Bank of America CEO Brian Moynihan said: "Bank of America has operated in Ireland and engaged in the local community for almost 50 years.

"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.

"While we await further clarity around the Brexit negotiations, we are making all necessary preparations to serve our clients however those discussions conclude."

"Another vote of confidence"

An Taoiseach Leo Varadkar, who met Mr Moynihan, has welcomed the announcement.

"Bank of America has a long-standing commitment to Ireland and I look forward to this relationship growing and deepening in the years ahead."

"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."

Tánaiste Frances Fitzgerald said this move was "another vote of confidence in Ireland".

While IDA Ireland CEO, Martin Shanahan, said: "Today's decision reflects the importance of Ireland as a gateway to the single market.

"As the only English speaking, common-law jurisdiction in the Eurozone, Ireland is well positioned to provide certainty to companies servicing the European market in a post-Brexit world.

"This is yet another very important signal to the market that financial services companies can come to Ireland and service their European customers with minimum disruption to their business."

The bank has operations in more than 35 countries throughout Europe, the Middle East and Africa, Asia Pacific and the Americas.