Commonwealth Bank of Australia (CBA) has secured new banking licence for its Dutch subsidiary, Commonwealth Bank of Australia (Europe).
CBA is anticipated provide its clients with improved access to European markets through its newly-licensed Dutch subsidiary, from the next year.
CBA institutional banking and markets executive Andrew 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.”
CBA Europe will serve clients from new offices in Amsterdam
Once operational, CBA Europe is expected to serve clients from the newly opened CBA offices in Amsterdam, and provide its institutional clients in Europe with better support through its footprint in EU.
The Dutch subsidiary is also anticipated to serve as a gateway to Australia and New Zealand for its wholesale European clients, who contribute to Australia’s foreign direct investment, and act as investor base for the domestic bond market, said the company.
With the newly acquired banking license, is expected to become fully operational in the first half of calendar year 2021.
With its new subsidiary, CBA intends to support European clients regardless of the Brexit, and provide new services in addition to the existing services provided to clients of UK subsidiary.
Hinchliff added: “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. We’re currently working closely with our clients domiciled in Europe to make the transition as seamless and smooth as possible.”
