Bank of America (BAC) has successfully completed the move of its European headquarters from London to Dublin in a bid to prepare for the outcome of Brexit.
Irish regulators gave the bank the necessary approval for the relocation, which involved the merging of its UK banking entity into its Dublin-based arm, the bank confirmed on Monday.
The banking giant said in 2017 that the Irish capital would serve as its primary European Union base, even as it planned to expand its presence in other countries in the bloc.
In a statement, the chair of the new Dublin division, Anne Finucane, said that the bank was pleased that this “critical component” of its Brexit preparations was completed “exactly on schedule.”
Many financial institutions are concerned that, after Brexit, their UK divisions will lose “passporting” rights, the mechanism that allows them to do business in other EU countries.
In October, the High Court said that Barclays could tentatively shift thousands of its clients from its UK bank to a Dublin-based entity. Lloyd’s of London has also said that it will move its EU headquarters from London to Dublin.
Bank of America, which this year marked 50 years of operation in Ireland, now employs 800 people in Ireland, following the transfer of around 100 staff from London.
Bruce Thompson, who previously served as CFO of the global Bank of America group, leads the bank’s European global banking and markets operations, and is now based in Dublin.