FRANKFURT (Reuters) - Dublin is Bank of America’s (BAC.N) default option for a new base within the European Union once Britain leaves the bloc, but other centers are on the table and no decision has yet been made, an executive said in Germany on Tuesday.
“Dublin is a an emergency, default option that we have,” Nikolaus Naerger said at an event in Frankfurt.
Dublin, Frankfurt, Paris and Luxembourg are among centers touting themselves as alternative bases for companies wishing to retain access to the EU after Brexit.
A major issue for banks is “passporting”, which allows for financial firms to serve the EU from a single base, cutting costs and red tape.
“We are playing through all the scenarios. Nothing has been decided. Dublin is an option, just as Frankfurt or Amsterdam,” Naerger added.
Reporting by Hans Seidenstuecker; Writing by Victoria Bryan; editing by Susan Thomas