Source: Het Financieele Dagblad & DutchNews.nl
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TOP HOLDINGS OPT FOR THE NETHERLANDS ZUIDAS - International companies that go through a merger process are increasingly opting for the Netherlands to locate their legal headquarters, a trend that
EUROZONE BANKS ARE SHRINKING BUT NEED TO SLIM DOWN STILL FURTHER
benefits the Netherlands because it creates jobs.
ZUIDAS - Banks in the eurozone will have to shed ¤3.2trn
agencies – US firm Omnicom and France’s Publicis -
in assets in the years to come, according to RBS analysts.
announced that they would merge and the headquarters
Eurozone banks are still too large at ¤32trn, as this is
of new group Publicis Omnicom will be in the Netherlands.
more than three times the size of the eurozone economy,
Paul Cronheim, a partner at law firm De Brauw Blackstone
the RBS report states. Eurozone banks have shrunk by
Westbroek, says he is seeing a trend. ‘In particular when
¤2.9trn since May 2012 by not extending expired credit
there is a merger of two equal international firms there is
agreements and by selling assets. ‘We are only halfway
often talk of locating the main holding in the Netherlands,’
to sustainable levels, in our view, as banks prepare for
he said. Cronheim led the Omnicom team during
new regulation on capital and leverage,’ the report states.
the merger talks. His NautaDutilh counterpart Hein
There are three options open to banks: generating
Hooghoudt, who led the Publicis team, agrees. ‘We are
more profits, making fewer loans and selling assets.
often involved in international mergers in where the
But the last option might prove difficult as all banks find
headquarters come to the Netherlands and I expect
themselves in the same position.
more to follow,’ he said.
At the beginning of August, two major advertising
Published on Aug 26, 2013