LONDON: Bank of America became the first US lender to picked Dublin as its new base for its EU operations as part of its strategy as Britain readies for its departure from the 28-nation bloc.
“Dublin is the home of more of our employees than any other European city outside of the UK,” Brian Moynihan, chairman and chief executive of Bank of America, said.
“We already have a fully licensed 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,” he added.
Bank of America currently has 700 staff in Dublin and a 6,500 workforce in the UK, of which 4,500 are based in London. The Wall Street lender first established an Irish presence in 1968.
International banks are considering alternative locations in the bloc so they can continue serving clients if their London operations close once Britain leaves in March 2019.
Citigroup and Morgan Stanley have both picked Frankfurt as bases for their EU hubs, while Barclays earlier said that was talking with regulators about extending its activities in Dublin.
Dublin has been locked in competition with Frankfurt, Luxembourg and Paris to lure financial firms making contingency plans for Brexit.
Bank of America picks Dublin as post-Brexit hub
Bank of America picks Dublin as post-Brexit hub
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
