National Australia Bank to set up unit in Paris ahead of Brexit

National Australia Bank to set up unit in Paris ahead of Brexit

National Australia Bank (NAB) had revealed its plans on Friday to set up a unit in Paris that would offer wholesale banking and investment services to most of Europe.

The move by one of Australia’s best lender followed similar decisions by other financial firms that planned to create new hubs in the European Union due to Brexit.

“Our current operating model creates inconsistencies for clients who operate across European jurisdictions as we don’t have free access across the continent,” said a source familiar with NAB’s plans. The source declined to be identified.

The lender said it had submitted an application to French regulators to establish the unit and would be NAB’s first base in continental Europe.

“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,” David Gall, chief customer officer of corporate and institutional banking said in a statement.

“Investors are looking for opportunities, particularly in the infrastructure sector,” Gall said, adding that there were about 140 Australian companies in France.