(14 May 2007 – Australia) International financial services provider Fortis has opened a new representative office in Australia with plans for a further branch in the third quarter of this year.Fortis was given go-ahead by the Australian Prudential Regulation Authority to open the office in Sydney in March of this year.
Fortis said Australia was seen as a strategic target for expansion in line with the company’s plan to generate 30 percent of its revenues from outside its Benelux home market by 2009.
Fortis Asia Pacific chief executive Luc Henrard said having a physical presence in Sydney would help Fortis grow its business and pave the way for expansion into areas such as securitisation.
Fortis Bank’s Sydney representative chief officer Iain Lappin-Smith said while it was a big challenge to set up a business in the sophisticated and competitive Australian banking market, Fortis Clearing was already the largest independent clearing and settlement organisation on the Australian Stock Exchange and the Sydney Futures Exchange.
“Its presence allows the set up costs of the new branch to be minimised, as support functions such as Finance, IT, HR, compliance and legal can be shared,” he said.