Commonwealth Bank of Australia has chosen Amsterdam for its post-Brexit EU hub while other banks have eyed Frankfurt and Dublin.
Australia’s top banks are stepping up their preparations for Brexit to ensure they can continue to provide services across the EU, amid growing industry fears the UK could exit the bloc without a deal.
Commonwealth Bank of Australia, the country’s largest lender by assets, has applied for a banking licence in the Netherlands and is setting up an office in Amsterdam. It plans to base 50 staff to the city to oversee EU passporting functions, which enable banks in one EU member state to provide services to clients across the bloc.
Echoing peers around the world, Australia’s other big banks are also accelerating their plans for Brexit. Macquarie Group has chosen Dublin as an EU passporting hub, while Westpac is eyeing Frankfurt, according to a person familiar with the situation. National Australia Bank is “considering all options” for a post-Brexit solution, according to a spokesman.
CBA “has developed a strong position in Europe across a range of segments and we are working to ensure we can continue to provide the best service to our customers, while limiting disruption to existing business and our employees,” it said on Monday.
“We are currently pursuing the establishment of a new CommBank subsidiary with a full banking licence, to be located in Amsterdam.” [...]
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