Bank of America Corp currently favours the Irish capital of Dublin as the new base for a hub inside the European Union (EU) if Brexit negotiations lead to the UK losing easy access to the single market, according to one of the bank’s senior executives in Germany.
Speaking at a press briefing hosted by the Bundesverband deutscher Banken (VAB) (the Association of Foreign Banks in Germany), Nikolaus Naerger said that BofA is likely move some jobs from London to other cities across the EU, including Frankfurt, Madrid, Luxembourg and Amsterdam. The bank hadn’t made a final decision to select Dublin and could choose a different destination, said Naerger, BofA’s head of corporate banking in Germany, Switzerland and Austria.
“We will look very carefully who can be the EU passporting entity in future,” he added and the bank would make the decision on a hub once there was more clarity on where Brexit negotiations are headed. Passporting is the right of banks in one EU country to provide services to the rest of the bloc.
A collaboration between the payments services provider and the lender aims to offer funding for SMEs, particularly those in the eCommerce and eService industries
The new service will enable corporate treasurers to trace where an international payment is at any given time.
The pan-European exchange is paying US$153m to gain a 90% stake in the electronic communication network for foreign exchange trading.
The two say that their collaboration has created a “pioneering” institutional banking solution.