Bank of America to Lease more Office Space in Paris Ahead of Brexit

September 27, 2017 Share Print 0

Bank of America (BAC.N) 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.

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.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.