The National Australia Bank is applying to open a subsidiary in Paris to help improve its links with European markets ahead of Brexit. Anna Tobin reports
National Australia Bank is the latest to join the growing list of companies that are either leaving the UK or setting up new subsidiaries in the European Union in preparation for Brexit. National Australia Bank Limited today announced that it has made an application to the French prudential supervision and resolution authority, Autorité de contrôle prudentiel et de résolution, to establish a licensed subsidiary in Paris. Currently, its only European base is in the UK.
The National Australia Bank is seeking authorisation to establish the subsidiary as a credit institution in France. Explaining the move, the bank’s chief customer officer for corporate and institutional banking, David 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.
“Our subsidiary will offer a range of wholesale banking and investment services products to our customers in the European Economic Area (EEA). We look forward to continuing to help our customers invest and grow.”