Australian bank planning to move from London to Amsterdam: report

Commonwealth Bank of Australia
Commonwealth Bank of AustraliaPhoto: Mattinbgn / Wikimedia Commons

The Commonwealth Bank of Australia (CBA) is planning to move part of its staff from London to Amsterdam due to the Brexit. The Australian bank applied for a banking license with Dutch central bank DNB, ANP writes based on reports in British media. 

The CBA branch in the Netherlands must ensure that the bank can continue to provide services in the European Union after the United Kingdom's departure in March next year. Around 50 jobs will move to Amsterdam, according to British newspaper Financial Times. The newspaper also reports that other Australian banks are opting for offices in Dublin and Frankfurt.

After the Brexit, the UK will no longer belong to the European internal market, unless other agreements are made. Banks with offices in the UK that want to keep their European banking license will therefore need an office in a EU country.