Monday, June 27, 2016 - 13:10
Deutsche Bank gives up Netherlands banking license
German bank Deutsche Nederland gave up its Dutch banking license to regulator DNB. From now on the German bank will offer customers services from Frankfurt and via a Dutch branch instead of an actual subsidiary in the Netherlands, Financieele Dagblad reports. According to the newspaper, the Deutsche Bank transferred all the activities of its Dutch banking operations to the German AG. This was done retroactively with effect from January 1st this year. It involves about 9 billion euros in assets and almost 6 billion euros in deposits. For Dutch clients this means that their deposits are now under the German deposit guarantee scheme, instead of the Netherlands'. And bank's employees in the Netherlands no longer fall under Dutch bonus legislation, but under European regulations. A spokesperson for Deutsche Bank told FD that the bank aims to operate internationally through branches, instead of subsidiaries. "So customers who are active in multiple countries deal with one legal party". Operating through branches are also cheaper and more efficient than subsidiaries, according to the bank.