The Netherlands outperforms Switzerland
The Netherlands now ranks seventh worldwide in international banking according to the latest statistics released by the Bank for International Settlements (BIS), an international organisation which fosters international monetary and financial cooperation.
International Financial Centre
Each quarter the Bank for International Settlements measures international positions of all banks in 43 of the largest countries worldwide. Statistics from the September 2010 BIS report show that the Netherlands ranks 7th worldwide, with a total market share of 4%, surpassing Switzerland as an international financial centre. The Bank for International Settlements measures all international transactions and the position of Dutch banks with foreign entities and foreign banks in The Netherlands.
The report indicates that the international banking market has declined significantly since 2007 as a result of the credit crisis, but the decline in The Netherlands is less severe. The total market shrank by 11.2%; the UK declined by 20%, Ireland 19%, Switzerland by 42% and Luxembourg by 22%. The decline in the Netherlands during the same period was 15%. As a result, the market share in the Netherlands has remained fairly stable, fluctuating from 4.2% in 2007 to 4.05% in 2010.
Strong in subsections
The Bank for International Settlements publishes statistics on specific subsections of international banking, which demonstrate that the Netherlands is particularly strong in corporate bonds, securities and money markets.
Amsterdam Financial Capital
The Dutch financial services industry is clustered together in the Amsterdam Metropolitan Area making finance the most important sector in the region, generating approximately 20% of the region’s GDP. Zuidas, the financial district of Amsterdam, is a magnet for firms operating in the financial sector.
Internationally-oriented services
The strong international position of banks in the Netherlands, and in particular the Zuidas region, is due to a variety of interconnected factors such as the international orientation of the Dutch economy, large share in trade flows, the presence of an increasing number of multinational headquarters, the scale of the Dutch stock and derivatives exchange and the size of Dutch pension, trust and market-making industry.
The Netherlands outperforms
The Netherlands has outperformed its rivals in the last three years because its financial sector has not been hit as hard as the financial sector in the UK, Switzerland and Ireland. Also, several international banks have enlarged their Dutch operations significantly over the last three years. BNP Paribas, the Royal Bank of Scotland (RBS) and Deutsche Bank have invested heavily in The Netherlands. These banks now employ approximately 5,000 people in the Netherlands. In addition, a dozen new branches of international banks have opened in the last three years, primarily from the U.S., the UK, India and China.
Related topics
BNP Paribas expands in the Netherlands
Amsterdam welcomes Highmount Capital
Caisson Investment Management opens Amsterdam office
Brit Insurance moves to Amsterdam
Amsterdam area welcomes Lincoln International
Minister and Mayor open Holland Financial Centre
- Tell a friend
