National Australia Bank (NAB) has revealed plans to set up a licensed European Union (EU) subsidiary to be based in Paris, France for serving as a credit institution.
In this connection, the Australian financial institution will submit an application to the Autorité de contrôle prudentiel et de resolution (The French Prudential Supervision and Resolution Authority) seeking its authorisation to establish the institution.
The Australian banking group said that the proposed subsidiary will provide a variety of wholesale banking and investment services products to its customers across the European Economic Area (EEA).
National Australia Bank corporate and institutional banking chief customer officer David Gall claimed that the group is already consolidating on its position in Europe to continue to help its business customers as a global strategic partner.
Gall said: “Our Australian and New Zealand clients rely on our local knowledge and relationships to navigate the European market so we’re continuing to respond to this need. Investors are looking for opportunities, particularly in the infrastructure sector, where NAB is among the top 10 banks globally by project finance deal value and transaction numbers.
“Around 140 Australian companies are already present in France, employing 40,000 people. They span a range of services sectors, including banking and finance, healthcare, information and telecommunications, and transport and logistics.”
National Australia Bank had earlier got nod for a securities registration in Japan
In July 2019, National Australia Bank said that NAB Japan Securities, its fully owned subsidiary, secured approval for a securities registration from Japan’s Financial Services Agency (FSA) and Kanto Local Finance Bureau.
The new registration is said to consolidate on the Australian group’s existing footprint in Japan and enables it to trade in products like bonds, repurchase agreements, derivatives, and other securities products with Japanese investors.
Earlier this month, the Australian bank reported net profit of A$4.79bn ($3.24bn) for the full year 2019 that ended 30 September, which is 13.6% less than the figure of A$5.55bn ($3.76bn) made for the full year 2018. The net operating income for the banking group for FY2019 was A$17.22bn ($11.66bn), which is 4.2% less than the A$17.97bn (A$ 12.17bn) earned in FY2018.
