Bank of America begins moving $50 billion of derivatives to UK: FT
January 28, 2013 11:00 AM EST
Bank of America
The move will allow the world's number 10 bank by assets to benefit from tax breaks stemming from accumulated losses in its UK business, the FT said.
According to the Financial Times, bankers said Irish officials were uncomfortable with the scale of the business which posed a theoretical risk to Irish taxpayers.
UK regulators were also keen to have closer control of the European operations of the bank which has its operational management based in London, said the FT.
A large chunk of Bank of America's European business, including cash management, corporate lending and derivates, is traditionally routed through the Dublin subsidiary, said the FT.
(Reporting by Costas Pitas; Editing by Jason Webb)
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Russia's New Tactical Nuclear Weapons Program Growing Confident Against the US: Talks of World War III
- US To Supply Defensive Lethal Weapons To Kiev – A Vey Alarming Signal, Says Russia
- Travel Alert: New Delta Air Lines Airbuses Could Be Seen In Australia Soon
- Product Recall: Graco Recalls Baby Strollers in Canada, U.S. Due To Amputation Risks
- New Zealand Assured China-Australia Deal Will Not Affect Demand
- New Zealand Medicine Products Sector To Get Own Regulator::Drops Plan For A Joint Regulator With Australia
- Canada's Ontario Students Score High Rank In Global Survey Of Computer Skills