Dutch officials in talks with ‘several dozen’ firms about Brexit relocation

The Dutch financial services regulator AFM and Amsterdam officials are in talks with a number of companies considering relocating from Britain because of Brexit, the NRC said on Tuesday.

An AFM spokesman told the paper a number of ‘financial market companies’ have reported to the regulator to ‘orientate themselves about relocation’. So far, the spokesman said, officials have had talks with ‘several dozen’ companies, including traders, asset managers and companies which sell financial data.

Amsterdam’s economic affairs alderman Kajsa Ollongren told the paper her talks have become ‘more concrete’. ‘Companies are coming to have a look around,’ she said, adding that she is talks with ‘more than a handful’ of financial and non financial firms.

Mid-January, British prime minister Theresa May said that Britain would be leaving both the EU and the EU’s internal market. This could mean financial firms based in London would lose direct access to the EU, the paper pointed out.

European market

The Dutch foreign investment agency NFIA has a small office in London, but doubled the personnel from three to six in the wake of the Brexit vote. It is targeting all companies which are active on the European market, not just financial firms.

Rotterdam also sees opportunities to bring in firms from London, the city’s economic affairs alderman Maarten Struijvenberg told the paper. He hopes to attract maritime service providers, including insurance companies, to relocate to the port city.

Consultancies such as EY and KPMG are also helping companies looking to relocate, the paper said. For example, EY has issued a brochure outlining the benefits of the Netherlands, including the fast internet, language skills and good quality of life.

However, the 20% ceiling on bankers’ bonuses is an issue, even though it does not apply to international banks, Ollongren said. The shortage of international school places in Amsterdam itself is also a concern.