Bloomberg News reports that the bank has extended the lease on its London headquarters by 10 years to 2032, according to a spokesman. That’s well beyond the U.K.’s planned departure from the European Union.
The Bank of America Merrill Lynch Financial Centre at 2 King Edward Street in the City of London, which has about 585,000 square feet (54,300 square meters) of office space, is owned by Norway’s sovereign wealth fund. A spokeswoman for the wealth fund declined to comment.
In the meantime, Bloomberg also reports that Deutsche Bank on Wednesday became the first large bank to publicly announce the beginning of a wholesale relocation of client business out of the U.K. in response to Britain’s vote to leave the European Union. The Frankfurt-based lender said it plans to complete the shift this year unless negotiators in Brussels agree on a transition period that will give banks more time.
“We have today begun to engage with clients regarding the global booking hub,” Deutsche Bank said. “We believe it is prudent to begin this process now, given less than 14 months remain until the U.K. is scheduled to leave the European Union.”