DUBLIN, July 21 -- Bank of America on Friday confirmed Dublin as the preferred location for its principal EU legal entities following Britain's departure from the EU.
The decision was confirmed by Bank of America Chairman and CEO Brian Moynihan at a meeting with Irish Prime Minister Leo Varadkar.
"Dublin is the home to more of our employees than any other European city outside the UK," Moynihan said.
"We already have a fully licensed and operational Irish domiciled bank which combined with Ireland's strong commitment to business and economic growth makes Dublin the natural location to consolidate our legal entities as we transition," he said.
Varadkar welcomed the announcement, saying that Bank of America has a long-standing commitment to Ireland.
"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," the Irish prime minister said.
Bank of America celebrates 50 years of operation next year in Ireland and Dublin is the home of more of its employees than any other European city outside of Britain.
The decision to consolidate the bank's legal entities in Dublin will ensure that the bank can continue to serve its customers both in Ireland and across the EU, after Britain leaves the EU, according to the bank.
The bank currently has two offices in Dublin. It is planning to move investment banking and market operations to the Irish capital.
At present, some transnational banks are preparing to signal plans to expand in Dublin as they prepare for Brexit, in what is likely to result in the addition of hundreds of financial jobs.
Early this week, Citigroup chose Dublin as one of a number of European locations for expansion as part of its Brexit response. The U.S. mega bank is looking to add to its existing 2,500 workforce in Ireland as it advances plans to deal with Britain's exit from the EU.