'Amsterdam as European Market for Corporate Private Placements’
THE HAGUE, 08/07/13 - Dutch banks and insurers are working on a plan for a European market for corporate private placements, says Joost van der Does de Willebois in an interview with Het Financieele Dagblad newspaper.
The plan is intended to ensure that smaller and medium-sized companies can already have an alternative within a few months to bank financing or the issue of bonds. Up to now, companies could actually only go to the US for these private placements.
Van der Does de Willebois, formerly CEO of Euronext Amsterdam, is advisor to investment bank NIBC, which along with insurer Delta Lloyd is the great campaigner for the sector-wide initiative to make Amsterdam the European heart of corporate private placements. "All the big Dutch banks, the insurers, law firms Clifford Chance and Allen & Overy and the big accountancy firms are involved. Additionally the AFM, the central bank (DNB) and the finance ministry are in the picture and are enthusiastic about taking the plan to Brussels.”
In order for there to be a real European market, German, French and UK players must also be brought on board. The UK asset manager M&G, a unit of Prudential, is already closely involved with the plans, according to Van der Does de Willebois. He is currently in talks with a number of large German and French insurers.
The intention is that Amsterdam should function as home port for the new virtual market for private placements. “The advantage of Amsterdam as home base is that you take it out of the political sphere. Frankfurt, Paris and London after all usually regard each other with caution.”