Bank of America announced Friday that it will move its hub for EU business to Dublin from London following Brexit.

The Irish capital will be "the preferred location for (the bank's) principal EU legal entities following the UK's departure from the EU," BofA said in a statement.

"Bank of America has operated in Ireland and engaged in the local community for almost 50 years," chief executive Brian Moynihan said. 

BofA, the second biggest US bank by assets, did not specify the employment impact of the decision. 

The bank currently employs about 700 people in Dublin and 4,500 in London, and is expected to transfer a small number of jobs from London to Dublin, a person familiar with the matter said.

BofA said it also will transfer functions out of London to other EU venues "with the focus on how we can best support our clients in these markets."

Earlier this week, Morgan Stanley and Citigroup, two other big US banks, signaled they would choose Frankfurt as a new hub following Brexit, which is expected to take effect in 2019.

Meanwhile, JPMorgan Chase has transferred hundreds of jobs to Dublin, but has not announced plans for a permanent headquarters for the EU.

Source: AFP

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