After Brexit, Citi secures its EU footing through Ireland

US bank Citi yesterday became the first global lender to come under ECB supervision since Britain’s vote to leave the EU — an option several UK-based companies are exploring to keep their access to the single market.

Citi’s Irish unit, Citibank Holdings Ireland, was added to a list of large banks directly supervised by the ECB yesterday, after it expanded its balance sheet through last year’s merger with UK-based Citibank International.

The merger predates the June 23 Brexit referendum, but Citi’s move will still be closely watched by competitors weighing a move to the eurozone.