IDA welcome relocation of Bank of America legal entities to Dublin
IDA Ireland has welcomed Bank of America confirmation that it has chosen Dublin as the preferred location for its principal EU legal entities following the UK’s departure from the EU.
The bank has not revealed how many jobs in Ireland will be created by the the move.
The decision was confirmed by Brian Moynihan, Chairman and CEO of Bank of America today at a meeting with An Taoiseach Leo Varadkar TD and IDA Ireland CEO Martin Shanahan.
The decision to consolidate its legal entities in Dublin will, it is suggested, ensure that the company can continue to serve its customers, both in Ireland and across the EU, after the UK leaves the European Union.
Taoiseach, Leo Varadkar, welcomed the announcement and said it was a strong endorsement of Ireland’s attractiveness as a location for investment, and of the Government’s approach to securing Brexit-related activities.
Bank of America chooses Dublin as its main EU hub after Brexit https://t.co/Xn6zNJNKBd pic.twitter.com/lFrw9iSYdR
— Bloomberg (@business) July 21, 2017
Martin Shanahan, CEO IDA Ireland said the decision reflected the importance of Ireland as a gateway to the Single Market.
"As the only English speaking, common-law jurisdiction in the Euro zone, 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.
“Ireland has the right mix of regulation, skills, experience and office space to make us a very logical place for financial services to locate,” concluded Mr Shanahan.
