Bank of America announced on Monday that the merger of its U.K. banking entity was completed as a preparation for Britain's possible departure from the European Union (EU).
Based in the State of North Carolina, the banking giant said that it completed the merger of its U.K. banking entity into Bank of America Merrill Lynch International Designated Activity Company (BAMLI DAC) on the first day of December.
Many multinational banking firms have subsidiaries scattered around the EU to serve their clients in the area. However, some firms like Bank of America which chose London as a base of operations want to find a new location to guarantee their access to the EU market, if Britain leaves the union.
Although the uncertainty of Britain's departure still exists, Bank of America braced for the possible impact. The company announced that it had chose Dublin as its future EU operation center on July 21, 2017.
"We are pleased to have worked closely and constructively with our regulators to complete this critical component of our Brexit preparations exactly on schedule and well ahead of the earliest possible date of the U.K.'s exit from the EU," said Anne Finucane, chair of BAMLI DAC.
Headquartered in Dublin, the capital city of Ireland, the newly established BAMLI DAC, was now the company's principal European banking entity, according to Bank of America.
"After many months of preparation and having just completed our cross-border merger, we now stand ready to serve our clients seamlessly in their final preparations for Brexit and for the long term," said Bruce Thompson, chief executive officer of BAMLI DAC.
The BAMLI DAC would operate through branches in Amsterdam, Brussels, Frankfurt, London, Madrid, Milan, Paris and Zurich, said Bank of America.