Bank of America Dublin takes over as principal European entity from the UK

The move was announced ahead of Britain's exit from the EU

Bank of America Dublin takes over as principal European entity from the UK

Image: Bank of America Corporation

Bank of America has announced the successful completion of a cross-border merger of its UK banking entity into Bank of America Merrill Lynch, based in Dublin.

This follows the receipt of all necessary regulatory and court approvals, it says.

This means its Dublin operation is now the company's principal European banking entity - operating through branches in Amsterdam, Brussels, Frankfurt, London, Madrid, Milan, Paris and Zurich.

Dublin was chosen as the company's "preferred location" back in July 2017, as a result of Brexit.

It is known as Bank of America Merrill Lynch International Designated Activity Company (BAMLI DAC).

Anne Finucane, chair of BAMLI DAC, says: "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.

"Having marked being in Ireland for 50 years this year, we now employ over 800 people in Dublin dedicated to helping power both the future Irish economy and broader society."

BAMLI DAC chief executive officer Bruce Thompson adds: "I am delighted that as part of our preparations, we have built a world-class, Dublin-centric, BAMLI DAC team, combining both local and international talent.

"After many months of preparation and having just completed our cross-border merger, we now stand ready to serve our clients seamlessly in their final preparations for Brexit and for the long term."

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations.

The company, which is listed on the New York Stock Exchange, serves approximately 67 million consumer and small business clients in the US with approximately 4,400 retail financial centres.

It also serves clients through operations across more than 35 countries.