Providing easy access to the EU from Amsterdam
The Commonwealth Bank of Australia (CBA) is moving its European headquarters from London to Amsterdam. According to the bank, which has over $1 billion AUD in assets, the decision was made due to Brexit and a need to provide easy access to EU markets while supporting clients across the continent.
Located in the Zuidas business district, the bank’s new Amsterdam office will employ around 50 staff members. CBA has already procured a license from the European Central Bank to offer its services from the Netherlands and expects the subsidiary to be fully operational in the first half of 2020. By serving as a gateway to Australia and New Zealand for wholesale European clients, the branch will also pave the way for direct foreign investment.
In a press release, CBA described Amsterdam as the “perfect choice” for the new headquarters and anticipates that it will benefit from the city’s FinTech sector. It will also keep operating its London branch and believes there will still be significant trade between the UK and the European Union.
Amsterdam is a leading post-Brexit destination
Since the United Kingdom voted in support of Brexit and began the process of leaving the EU, dozens of companies from a range of sectors have relocated to the Netherlands. To date, Japanese bank Norinchukin, the broadcasting arm of Discovery, the European Medicines Agency and FinTech outfit Azimo have all moved to the Dutch capital or opened a new office here.
Many businesses have chosen Amsterdam because of the city’s excellent connectivity to other European centres, the high quality of life and the skilled, English-speaking workforce. The Dutch government is taking various steps to help companies cope with changes, including offering a Brexit Impact Scan and a website that provides information and assistance.
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