Bank of America has decided to make Dublin the new base for its European Union (EU) activities in response to Britain’s departure from the bloc.

The US banking giant has been having a presence in the Irish city for nearly 50 years and has a workforce of over 700 and a licensed-entity there.

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Commenting on the move, Bank of America CEO Brian Moynihan said: “Dublin is the home of more of our employees than any other European city outside of the UK.

“We already have a fully licenced and operational Irish-domiciled bank which, combined with Ireland’s strong commitment to business and economic growth, makes Dublin the natural location to consolidate our legal entities as we transition.”

The bank also hinted at the possibility of moving some jobs to other EU locations, without divulging further details.

“While we await further clarity around the Brexit negotiations, we are making all necessary preparations to serve our clients however those discussions conclude,” Moynihan added.

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Bank of America is the first US bank to select Dublin as its EU hub in response to Brexit. Last week, Citigroup and Deutsche Bank decided to beef up their presence in Frankfurt to prepare for Brexit. The German city was also picked as the EU base by Morgan Stanley, Standard Chartered, Nomura, and Daiwa Securities, while JPMorgan CEO Jamie Dimon announced plans to make Frankfurt the legal domicile of its EU operations.