Bank of America is looking to lease more office space in Paris as the bank prepares to expand its operations in the French capital to cope with the impact of Britain’s exit from the European Union, according to two sources familiar with the matter.
Reuters reports that international banks are planning to build up outposts in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate across the bloc once Britain leaves in March 2019.
There is fierce competition between Paris, Frankfurt and other European cities to woo international banks’ City of London operations as they consider where to shift EU-related business.
Bank of America has already announced that Dublin will be the new base for its European Union operations and that it will remain its legal headquarters in the EU.
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