Powered by MOMENTUM MEDIA
the adviser logo
Lender

CBA given licence for Dutch subsidiary

by Malavika Santhebennur4 minute read
CBA given licence for Dutch subsidiary

The major bank has been granted a banking licence for its Dutch subsidiary, which it said would provide better access to European markets for its institutional clients post-Brexit.

The Commonwealth Bank of Australia (CBA) has announced that it has been granted a banking licence for its Dutch subsidiary, Commonwealth Bank of Australia (Europe) N.V.

CBA group executive institutional banking and markets Andrew Hinchliff said the licence would allow CBA to be able to grant its institutional clients with better access to European markets post-Brexit.

The Dutch subsidiary would assist CBA with supporting European clients regardless of the outcome of Brexit and will supplement the existing services provided to clients of the major bank’s UK subsidiary, it said.

Advertisement
Advertisement

Commenting on the development, Mr Hinchliff said: “Being awarded a new licence in Europe means we are better placed to help both our Australian and European clients access greater capital flow and investment, essential for the growth of our economy.

“This licence puts us a step closer to our goal of combining global connectivity and capability to help build a better Australia. Our new European head office will also enable us to share valuable international insights with our Australian clients.”

According to the major bank, CBA Europe N.V. would act as a “gateway” to Australia and New Zealand for the bank’s wholesale European clients, who it said are significant contributors to Australia’s foreign direct investment and provide a large investor base for the domestic bond market.

CBA said it expects the Dutch subsidiary to be fully operational in the first half of calendar year 2021. Once operational, the subsidiary will run from newly fitted CBA offices in Amsterdam.

“Amsterdam is the perfect choice for CBA to support its institutional clients based in Europe and offers a talented, multilingual workforce as well as a thriving fintech ecosystem,” Mr Hinchliff said.

“We’re currently working closely with our clients domiciled in Europe to make the transition as seamless and smooth as possible.”

[Related: CBA-owned fintech backs home buying start-up]

cba

Malavika Santhebennur

Malavika Santhebennur

AUTHOR

Malavika Santhebennur is a content specialist at Momentum Media, focusing on mortgages and finance writing.

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

Nathan dal Bol

Expanded Home Guarantee Scheme launches

More places have become available under the expanded Home Guarantee Scheme. The scheme currently comprises the First...

READ MORE
Murray Cowan

BMM expands SMSF loan product

Better Mortgage Management (BMM) has confirmed that it has expanded its Aspire Self Managed Super Fund (SMSF) loan...

READ MORE
Clayton Howes  CEO MME

MoneyMe completes inaugural term securitisation transaction

According to MoneyMe, the $200 million term securitisation was a private placement with “three major Australian...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more