Largest Australian Bank will shut down Malta operations

CBA

Tista' taqra bil- Malti.

The largest Australian bank, the Commonwealth Bank of Australia, will shut down its branch in Malta after 15 years. This was confirmed to Newsbook.com.mt by a spokesperson for the bank who also explained that the Australian bank is seeking to transfer its operations to the Netherlands instead.

The spokesperson told Newsbook.com.mt that the decision to close the branch in Malta and open one in the Netherlands will provide the Commonwealth Bank of Australia a greater presence in the European Union and to supplement better their office in the United Kingdom.

The spokesperson mentioned how the Netherlands is a much stronger country which can support the bank’s business.

“The Netherlands is a strong fit for our business, given the alignment with our global industry specialisation, capabilities and customers. Amsterdam is also a developing FinTech hub, providing further alignment with our focus on innovation to deliver strategic goals” – said the CBA spokesperson.

He also confirmed that the bank will submit the application to open a branch in the Netherlands by the end of this month.

“The bank has finally left Malta” – Richard Gluyas

This week the newspaper The Australian said that finally, the Commonwealth Bank of Australia will leave Malta. A correspondent for the newspaper, Richard Gluyas, said that transparency is crucial in a modern banking sector and that the bank’s reputation will always be of greater importance than Malta’s low tax rates for businesses. Gluyas described Malta as an obscure offshore location.