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Bank of America appoints head of new EU unit in Brexit move

Reuters  |  LONDON 

By Lawrence White

(Reuters) - of America Merrill Lynch has named as of its new Paris-based broker-dealer unit BofA Securities Europe, the U.S. said on Friday.

"We began the relocation of roles to our new office this week. This is a critical milestone in the development of our EU business and our Brexit preparations", told employees in a memo.

A for of America confirmed the contents of the memo.

Bank of America's announcement is the latest among a series of such moves by international banks as they seek to ensure they can continue serving clients in after Britain leaves the EU on March 29.

Although the outcome and timing of Brexit remain clouded by political uncertainty, in the worst-case scenario financial firms will lose the ability to serve EU clients from and banks are shifting staff and assets to the continent to prepare.

Shannon Lilly will relocate from the bank's headquarters in Charlotte, to to serve as of the new unit, said.

Zaimi will the unit in addition to her existing roles as of Global FICC (fixed income, currencies and commodities) Sales and country executive, according to the memo.

The creation of the new broker-dealer unit follows the establishment in December of the bank's business as its main European entity, Bank of America said.

(Reporting by Lawrence White; editing by and Emelia Sithole-Matarise)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 08 2019. 17:29 IST