The Dutch subsidiary will help CBA to continue supporting European clients regardless of the outcome of Brexit, and will supplement the existing services provided to clients by the London subsidiary, the bank said.
According to the Financieele Dagblad, the CBA will start with a workforce of 25 but will expand that to around 50 by next summer. The CBA is Australia’s biggest bank, and has a workforce of some 200 in London.
A number of London-based businesses have either moved to Amsterdam or opened operations in the Netherlands since the Brexit vote. However, few banks have made the move, partly because of the Netherlands’ 20% ceiling on bankers’ bonuses.
The Netherlands Foreign Investment Agency said in February that 78 companies set up shop here last year for Brexit-related reasons.