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Unpleasant consequences of Brexit. Bank of America preferred Dublin to London

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Unpleasant consequences of Brexit. Bank of America preferred Dublin to London
July 21
13:00 2017

Bank of America published on its website the statement of the chief executive officer of this financial institution Brian Moynihan. He says about the intention of the management of the largest bank holding company in the United States to transfer all operations related to the EU from London to Dublin immediately after the completion of the UK withdrawal from the European Union. The statement also emphasizes that the purpose of this measure is to provide the customers of the bank with the service without interruption.

The analysts of the banking sector expect that other financial institutions will also transfer European headquarters from the capital of the United Kingdom. Both Dublin and Frankfurt have equal chances to become a new center. The latter one benefits from the fact that it is a larger financial center than the capital of Ireland. However, Dublin’s obvious advantage is a similar to the British legal framework and a low corporate profits tax. In addition, the advantage of the capital of Ireland is English as an official language.

The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade

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