NAB’s French subsidiary receives banking licence

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National Australia Bank Limited’s (NAB) French subsidiary, National Australia Bank Europe S.A. (NAB Europe) has received regulatory approval from the French markets regulator (Autorité des Marchés Financiers) and the French prudential supervision and resolution authority (Autorité de Contrôle Prudentiel et de Résolution) to operate as a credit institution in France.

NAB has established its French subsidiary in response to growing demand from its clients operating in Europe. Once operational, NAB Europe will offer a range of wholesale banking and investment services products to clients in the European Economic Area (EEA) with a particular focus on the renewables and infrastructure sectors, and financial institutions.

Ms Nicola Jolley, NAB’s former Head of Northern Hemisphere Solution Sales in London, has been appointed NAB Europe’s CEO.

NAB Group Executive, Corporate and Institutional Banking, David Gall said that the NAB Group was looking forward to building on its existing European presence currently serviced by NAB’s London branch and continuing to support its clients as a global strategic partner.

“The NAB Group model is built on a strategy of supporting Australian and New Zealand clients operating domestically and overseas, offshore clients investing in Australia and New Zealand, and global franchise clients.  Our new French subsidiary will enable a better service to clients based in the EEA while also allowing us to give our Australian and New Zealand clients real insight into the European market,” Mr Gall said

“We know investors are looking for opportunities to grow and invest. As Australia’s leading bank for renewable finance and a top 15 bank globally for project finance, we want to continue building on the relationships and connectivity between Australia and Europe.

“With more than 140 Australian companies operating in France and the many more across Europe, spanning a range of services and growing sectors, NAB will be well placed to provide support.  We are also here to help European businesses tap into Australian and New Zealand opportunities,” Mr Gall said.

NAB Executive, Europe, Corporate and Institutional Banking, John McClusky said the NAB Group is building on its already strong track record in Europe.

“NAB is a leading bank in the areas of infrastructure, renewables, securitisation, debt distribution and subscription finance, and brings significant expertise in global markets.  NAB Europe will facilitate better access to European markets and will support clients in the EEA region with the high quality, consistent service that has become synonymous with NAB,” Mr McClusky said.

“Our global sponsors and investor clients are looking to become more active in Europe. We look forward to continuing to support our clients to invest and grow,” Ms Jolley added.

NAB Europe will be fully operational in the first half of 2022.

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