Bank of America stands by London as Brexit approaches

Bank of America Corp. is the latest overseas bank to commit its long-term future to Britain even as the country prepares for Brexit.

The U.S. lender has extended the lease on its London headquarters by 10 years to 2032, according to a spokesman. That's well beyond Britain's planned departure from the European Union.

The Bank of America Merrill Lynch Financial Centre at 2 King Edward St. in the City of London, which has about 54,300 square metres of office space, is owned by Norway's sovereign-wealth fund. A spokesman for the wealth fund didn't respond to calls and e-mails seeking comment.

"The big wild card is how Brexit will fall out," Bank of America chief executive Brian Moynihan said in an interview in December. "I think it is a negative, but I don't think it is a strong negative."

Another U.S. company, Northern Trust Corp., is searching for a new London base after its current lease expires in 2022, two people with knowledge of the plan said.

Britain is set to leave the EU in March, 2019. The government is negotiating a transition period to come into effect after this date to ensure businesses don't face a sudden change in regulations.