The Commonwealth Bank of Australia (CBA) will establish its new European headquarters in Amsterdam, the FD reports. Until now it was in London. CBA is Australia’s largest bank, with a market value more than double that of ING. Last week, the Australians received a license from the European Central Bank to be able to offer banking services from the Netherlands, Wilco Hendriks of CBA Europe told the newspaper. The bank will be located on Gustav Mahlerlaan, along the Zuidas.
Brexit is the reason to come to Amsterdam, says Hendriks. Moreover, the bank already has many Dutch customers, including pension funds and commodity traders. CBA also believes it can benefit from the highly developed fintech sector in the Netherlands, the industry that revolves around technological innovation in the financial sector.
Commonwealth also stays in London
For the time being, about 25 people will work for CBA in Amsterdam, in May or June there should be about fifty. The branch in London, where the bank has been active for decades, will now remain open. The bank employs about two hundred people there. “Even after the departure of the British from the European Union, there will of course be a lot of trade,” says Hendriks.
Many other international banks that wanted to establish themselves in the EU now that the United Kingdom is no longer part of it, chose Frankfurt or Paris instead of Amsterdam. This was mainly due to the bonus rules for bankers, which are stricter in the Netherlands than in neighboring countries.
Australia’s largest bank establishes European headquarters in Amsterdam
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