Global lender Bank of America Corp (BofA) picked Ireland’s Dublin as the main base for its EU investment banking and markets operations after Brexit.
Currently, the bank expects clarity regarding the Brexit negotiations. The move was due to the need to provide customers with uninterrupted services regardless of the political situation, BofA’s chief executive Brian Moynihan sad.
Bank of America already has its office in Dublin. A number of the world's largest financial institutions are setting up new EU headquarters to make sure they can continue to service clients after Brexit. It is possible that the UK may lose access to the EU single market.
Many companies are in the situation of choosing a new location for their representative offices in the EU. The choice is often made between Dublin and Frankfurt. Frankfurt is considered to be a larger financial center; however Ireland has a legislative base similar to the British one, and English as its official language.
The low tax rate on corporate profits is also among the advantages of placing operations in Dublin.
