(Last updated: 24 Nov 2010)

Trends and opportunities

The market

Banking sector
Stock market
Debt market
Clearing houses
Trust offices
Other institutional investors
Pension funds
Insurance

Banking sector

Retail banking

In 2009 the Dutch central bank published a report outlining that on a European scale retail banks suffer from a declining trust level resulting in lower consumer loyalty.(Source: De Nederlandse Bank (DNB), ‘The Dutch Financial System: an investigation of current and future trends’, July 2009). In addition, profitability is under pressure due to decreasing demand for retail products because of the recession, banks being more cautious in lending, increasing levels of non-performing loans and an increase in capital requirements for financial services providers (Basel III).

In 2007, the Dutch retail market accounted for almost €13 billion in revenues, which represents almost half of the total banking market in the Netherlands. Despite a high level of concentration (three major players) competition is fierce due to high levels of transparency, a wide penetration of Internet access supporting the online channel and the presence of new entrants.

Decreasing trust levels and increased competition make it difficult to offset loss-making activities in payment systems due to a reduced capacity for cross selling of services. Also, small retail banks are experiencing greater difficulty in attracting savings in excess of €100,000 from individuals given the limit of state guarantee at that amount.

In order to counter the effects of lower volumes, higher non-performing loans and higher capital requirements, Dutch banks see themselves forced to increase profitability levels by improving customer satisfaction and introducing fair charges for payments, among other factors. Reduction of cost levels is believed to be pursued by improving both operational efficiency and non-performing loans management.

It has become apparent that the considerable losses of the banking sector in 2008 have changed into a modest profit totalling €150 million for the sector as a whole (retail and wholesale banking). The main driver for this change was an increased income from interest resulting from a higher interest spread that is not being passed on to borrowing customers. This effect was however mitigated considerably by reservations made to balance sheets.

The current situation of banks being funded by inexpensive short funding while earning an income from predominantly high yielding long term loans is expected to change as this spread is likely to decrease over time. The tendency to fund with inexpensive short money due to the spread has caused the life spans of bank funding to shorten, leading to a relatively substantial need for banks to refund their liabilities in the near future.

The current (high) number of bad loans is likely to further increase as interest rates move up. It is expected that this will lead to more reservations being made. For Europe as a whole, banks are expected to make another €185 billion in reservations in 2010.

(Source: De Nederlandse Bank (DNB), ‘The Dutch Financial System: an investigation of current and future trends’, July 2009).

Although the equity position of the Dutch banking sector is well above that of the average of the large European banks, it is still likely that Dutch banks are forced to take steps to comply with the new Basel III standards. A complicating factor could be the relatively low profitability at this moment of the Dutch sector limiting possibilities of enforcing the equity positions by retaining profits. (Source: De Nederlandse Bank, Overzicht Financiële Stabiliteit in Nederland, May 2010).

As a strategic orientation on the future of banking in the Netherlands it is believed that the lack of differentiation in service offerings and the lack of focus on segments being targeted could cause a split in the banking landscape that could be described as ‘differentiation in the front office versus consolidation in the back office’.

Despite an internal (efficiency) focus during the aftermath of the global financial crisis (GFC) several pushes towards cooperation can be distinguished:

• The necessity to build international networks
• Building alliances in order to achieve product differentiation
• Considerable investments to make the banking infrastructure ready for new requirements (such as SEPA)
• Technological developments having to be carried broadly in order to justify successful setting of standards (for example in mobile payments)
• Cross selling of particularly insurance products in an environment where banking and insurance activities are increasingly separated into different legal entities

(Source: FD Outlook 'Banking landscape falling apart' by Ard-Pieter de Man, September 2010)

Corporate banking

The Dutch corporate banking market is slightly smaller than the retail market, with 2007 revenues estimated slightly above €9.5 billion. (Source: De Nederlandse Bank (DNB), ‘The Dutch Financial System: an investigation of current and future trends’, July 2009). Overall revenue and cost levels are of Dutch corporate banks are below Western European levels. The low Dutch revenue margins are partly the result of a relatively low share of mid-corporates and relatively high levels of collateralised (lower yielding) loans. Lower costs are the result of a smaller branch network, and the lower risk costs can be ascribed to a historically low risk profile of Dutch corporates.

Recent changes in ownership of the Dutch banking sector as well as the withdrawal of some US based banks from the Netherlands have led to a lower number of banks available to service the large Dutch corporates. This, and the fact that large corporates tend to have a need for service by multiple corporate banks, has resulted in this segment of the market being entered by foreign banks such as Société Générale and BNP Paribas. (Source: Het Financieele Dagblad, October 2010). Unlike large corporates that have a higher buying power, mid-corporate clients with foreign activities might have fewer options because of the limited availability of Dutch banks with a foreign international network.

In the coming years a large amount of funding will mature and will require refinancing. A general rule is that credit risk management capabilities will remain extremely important in the short future. Players who are highly dependent on wholesale funding or securitisation need to re-evaluate their funding model, depending on the opportunities on capital markets.

Capital markets and investment banking (CMIB)

After 2007 as an exceptionally good year with revenues of nearly €5 billion primarily due to significant M&A activity the CMIB market has shown a substantial downturn. In the Dutch CMIB markets various type of players are active: global players, regional players, national players and boutiques. Global players hold approximately 50 per cent in revenue share serving the markets often from another financial hub. Dutch players have been losing market share to the global players over time, especially in the segment of large corporates and institutions. (Source: De Nederlandse Bank (DNB), ‘The Dutch Financial System: an investigation of current and future trends’, July 2009).

Currently fees for advisory work are under pressure due to the transaction market having come to a halt. Prospects for the near future are positive for the advisory side of the market in the sense that several Dutch financial services institutions are selling off parts of the business or require assistance issuing new shares. The most important potential clients here are ING Group, ASR Nederland (former Fortis Netherlands insurance activities), ABN Amro and Aegon, jointly representing an estimated €500 million in advisory fees resulting from transactions totalling an estimated €34+ billion. (Source: Het Financieele Dagblad, August 2010).

Stock market

The Amsterdam Stock Exchange (AEX), is a medium-sized source of equity finance. The multinational nature of the major Dutch companies, which has led to their shares being quoted on a number of international stock markets, has traditionally meant that stock price levels on the AEX are heavily influenced by developments elsewhere.

The stock exchange in Amsterdam ranks sixth in Europe in terms of cash products and second in terms of derivatives. Recent history of the Amsterdam stock exchange shows continuous change. The exchange has been leading in the formation of Euronext, the first European cross border exchange initiative that is now part of NYSE Euronext, the first cross-Atlantic group of exchanges.

The main Dutch index is the blue-chip AEX, consisting of the 25 leading stocks in terms of market capitalisation. The mid-cap AMX consists of the 25 next-largest stocks. (Source: Holland Financial Centre). Over the last two years both indices have shown a considerable downturn as a result of the global financial crisis. The AEX index fell from 332 points at the end of Q3 2008 to 217 points in its lowest quarter (Q1 2009) and is back at 334 points at the end of Q3 2010 showing a full recovery. The mid-cap AMX index went from 487 points via a low of 292 in Q1 2009 to a current 566 points, which represent an even more substantial gain. (Source: De Nederlandse Bank, ‘Stock market indices’).

According to the 2009 annual report of the Dutch central the NYSE Euronext is the most important market place where Dutch securities are traded. Alternative trading platforms (Multilateral Trading Facilities, MTFs) do however gain market share as a result of which the turnover of Euronext has decreased from €697 billion in 2008 to €378 billion in 2009. Both on a Dutch as well as a European scale alternative trading platforms have managed to gain considerable market share. On a European scale Euronext and LSE Group saw their market share drop from 22 per cent to 17 per cent and from 28 per cent to 21 per cent, respectively. In the same period (January 2009–January 2010) Chi-X grew its market share from 10 per cent to 16 per cent. This demonstrates that the competition in the market has intensified allowing parties to trade their securities on several exchanges and MTFs both domestically as well as abroad.

Debt market

In this analysis the secondary debt market is made up out of the short-term money market and the long term capital market. (Source: De Nederlandse Bank, Kapitaalmarkt).

From June 2008 to June 2010 the secondary Dutch debt market grew by 21.5 per cent to €1.1375 billion. This is slightly less than the entire Eurozone (+23.8 per cent). Particularly the Dutch money market grew more rapidly (+41.9 per cent) than the Eurozone (+11.3 per cent). On the capital market growth in the Netherlands (+20.0 per cent) was slightly lower than in the Eurozone (+25.4 per cent). The Dutch money market represents approximately eight per cent of the Eurozone whereas the Dutch capital market makes up 10 per cent.

The money market represented 8.1 per cent of the total Dutch debt market in June 2010. Where over the last two years the role of governments has increased in the Eurozone, banks in the Netherlands increased their market share to 43.5 per cent.

The presence of the Dutch government is currently very low (35.8 per cent) as compared to the rest of the Eurozone (48.1 per cent). The third significant party on this market in the Netherlands are insurance companies (20.1 per cent).

Contrary to the money market no major shifts have occurred in the Dutch capital market in terms of market share:

• insurance companies – 56.5 per cent
• banks – 20.6 per cent
• government –19.0 per cent
• non-financial institutions – 3.9 per cent

It is particularly interesting to see that Dutch insurance companies have a disproportionately high share of the long term debt market with 27.1 per cent of all European insurance companies. For the Eurozone the capital market appears to be dominated by governments (40+ per cent) and banks (30+ per cent).

Clearing houses

Due to the increasing competition from Chi-X the rates charged by clearing houses active on the European stock exchanges are going down rapidly in a market that was known as being expensive until recently in comparison to the US. The large traders with high trading volumes are even being serviced free of charge creating a cost advantage over smaller players. Industry watchers expect European agreements with the aim to encourage competition among clearing houses that have exclusivity of service on any given stock exchange to be put in place in the very near future. (Source: Het Financieele Dagblad, September 2010).

Trust offices

Given its favourable tax climate the Netherlands has always been an important country in the space of trust offices. Since the Wet Toezicht Trustkantoren (Wtt) states that trust offices should know the identity and background of their principals was introduced in 2004 – this market has continued to show growth from 141 license holders in 2006 to 167 in 2009. The continued growth is explained by an increasing specialisation (in industry sector or type of relationship) of the various trust offices. Large trust offices are increasingly owned by PE firms since they represent a steady stream of cash flows. (Source: Het Financieele Dagblad, September 2010).

Other institutional investors

In the Netherlands employers and employees (the latter through unions) enter into negotiations about collective labour agreements (CAOs) that are valid for a number of years. In the framework of the CAOs each industry has its own pension fund for fund management on behalf of its beneficiaries. However, many white collar workers and self-employed workforce such as physicians and lawyers are not subject to these CAOs and make their own arrangements through regular insurance companies. In addition to these individual arrangements many SMEs in the Netherlands engage into collective arrangements as a pension plan for their workforce. The market share of insurance companies on this collective market has increased by two per cent between 2005 and 2009 to a current 14 per cent. In terms of percentage share in liabilities insurance companies currently represent 4.5 per cent of the market for collective arrangements. (Source: De Nederlandse Bank, Statistisch Bulletin, September 2010).

According to TheCityUK Fund Management 2010 report the total conventional investment management assets in the Netherlands amounted to US$1,608 billion by the end of 2009. Underlying sources were pension funds US$1,028 billion (63.9 per cent), insurance assets US$484 billion (30.1 per cent) and mutual funds US$96 billion (6 per cent).

Private equity can be seen as a separate source of investment managed assets. According to the Dutch Private Equity & Venture Capital Association (NVP), Dutch PE firms had a total of €23.3 billion under management by the end of 2009.

Pension funds

The pension market in the Netherlands is well developed. Pillar 2 pension schemes comprise three types of pension funds: BPFs (industry wide pension funds), OPFs (company-specific funds) and occupational funds. Although OPFs outnumber BPFs, the five largest pension funds are all BPFs and cover more than half the market.

Pension funds extensively outsource activities along the full value chain. The most important submarkets are asset management, (re)insurance and administration. Over the last five years the Dutch system has moved into adopting fiduciary managers as a means of outsourcing these functions, including pension administration. The three large fiduciary managers in the Netherlands are all (co)owned by pension funds:

• APG with FUM of US$344 billion is owned by ABP
• PGGM with FUM of US$126 billion is owned by PFZW
• Mn Services with FUM of US$89 billion is co-owned by PME, PMT and St. Bpf Koopvaardij

(Source: Towers Watson, ‘The World's 500 Largest Asset Managers 2010’)

In general experts refer to the expertise and know-how of the Dutch pension sector regarding ALM and investment capabilities. Nevertheless, the delegation of responsibilities to fiduciary managers has, according to DNB, led to a dissociation of pension administrators to their investments. Particularly in smaller pension funds the presumed lack of professional investment expertise is an issue to be addressed according to DNB.

Given the lack of economies of scale in small pension funds it is however expected that the trend towards consolidation will continue. In order to facilitate this more effectively the establishment of Algemene Pensioen Instelling (API) is expected to be put in place. An API enables pension funds to cooperate and realise cost savings without having to merge their assets (which are ring-fenced). The API also provides pension funds with an alternative to liquidation and, as a consequence, having to insure the pension fund directly at an insurer. (Source: De Nederlandse Bank (DNB), ‘The Dutch Financial System: an investigation of current and future trends’, July 2009).

According to KPMG research 30 per cent of OPFs would like to join an API.

As a first step in the staged introduction of the API the Premie Pensioen Instelling (PPI) will be introduced in January 2011. A PPI is a pension management firm (rather than a pension fund or a pension insurance) that is not allowed to insure any risks. The implications are that it cannot guarantee a certain return (allowing a defined contribution set up) and that life and disability risks are to be insured elsewhere. A PPI is believed to be leaner (and therefore less expensive) since it doesn't incur costs associated with executive and supervisory boards like pension funds must have. The PPI is open to foreign players that have the ambition to enter the Dutch pension market (Source: Het Financieele Dagblad, November 2010).

In terms of performance it is clear that the past GFC has affected pension funds on both sides of their balance sheets: the value of their investments has diminished because of the decrease in value of equity and corporate bonds and their liabilities have increased because of declining swap rates. The recovery of investment performance after the GFC is being troubled by both an ongoing need for risk free (and therefore low yielding) government debt, which translates into an adverse valuation of liabilities as well as a life expectancy of the Dutch population that has risen beyond previous assumptions.

The current setup of the Dutch pension system is such that pension providers guarantee their beneficiaries a nominal pension of generally 70 per cent of the last earned income. Although there is no obligation to compensate for inflation (indexation), social pressure in Dutch society demands this. As a consequence, any changes to ensure the sustainability of the Dutch pension system seem to be moving towards a real solvency framework that takes inflation into account but leaving space for other variables to be adjusted: the level of premiums paid, the age at which pensions are paid out and finally the eventual payout levels.

In investment terms this means that increased attention will need to be given to building in inflation hedges into the investment portfolios. Pension funds now appear to be actively looking at inflation protected assets such as commodities, real estate and particularly infrastructure. Yet fixed interest elements of the portfolio will remain important, be it that improved returns are being sought explaining increased interest in instruments such as corporate bonds, leveraged loans and direct investments into ordinary company loans.

Insurance

The Dutch insurance sector benefited from the more favourable market sentiments in the second half of 2009. Given their substantial investment portfolios this is of particular importance for life insurance companies.

The life insurance segment does however continue to be under pressure. In 2009, new sales of individual life policies decreased by 27 per cent as compared to 2008. An important factor in this downturn is the increased competition from banks and investment management companies as a result of the introduction of 'banksparen', a tax arrangement allowing tax deductions that were previously linked to insurance products only. An additional factor could be the nationwide dissatisfaction with high, non-transparent cost elements hidden in insurance products (‘woekerpolissen’). The slowdown in this segment of the market may very well continue. If the sector would prove unable to lower its cost levels along the lines of its falling production, profitability can be hit very hard. More so since it is likely that insurance companies will take a lower margin for granted in an effort to maintain market share in a declining market. (Source: De Nederlandse Bank, Overzicht Financiële Stabiliteit in Nederland, May 2010).

Market dynamics are such that life insurance segment has declined in recent years, increasing the overall degree of rivalry strongly. The whole of the life segment shrank by 8.2 per cent in 2009 to reach a value of US$33.7 billion. In 2014, the Dutch life insurance market is forecast to have a value of US$38.8 billion, an increase of 15.1 per cent since 2009. The Netherlands accounts for 4.2 per cent of the European life insurance market value. (Source: Datamonitor, ‘Life insurance in the Netherlands’, August 2010).

The Dutch non-life insurance market grew by 3.3 per cent in 2008 to reach a value of US$72.2 billion. In 2013, the Dutch non-life insurance market is forecast to have a value of US$70.8 billion, a decrease of 1.9 per cent since 2008. Accident and health segment dominated the Dutch non-life insurance market in 2008, generating 73.6 per cent of the market's overall value. The Netherlands accounts for 11.9 per cent of the European non-life insurance market's value. (Source: Datamonitor, ‘Non-life insurance in the Netherlands’, October 2009).

Dutch indemnity and health insurance companies appear to have survived the GFC relatively well so far. In the health segment the profitability (excluding returns from investments) increased. In the indemnity segment both premium income and profitability remained almost at the same level. In addition, both segments showed better investment performance as a result of the positive sentiments on the financial markets. Experience from earlier recessions however shows that indemnity insurers can nevertheless be affected in times of ongoing unfavourable economic conditions.

An important challenge is for the sector to migrate to Solvency II, the new EU regulatory framework for insurance companies, which is to take effect by the end of 2012. (Source: De Nederlandse Bank, Overzicht Financiële Stabiliteit in Nederland, May 2010).

Opportunities

Corporate banking

New entrants onto the Dutch market can benefit from substantial need from large corporates to be serviced by multiple players in a situation of reduced service offering. (Source: Het Financieele Dagblad, October 2010).

Advisory side of investment banking

Currently faces major work from the financial services industry itself – ING Group, ASR Nederland (former Fortis Netherlands insurance activities), ABN Amro and Aegon. (Source: Het Financieele Dagblad, August 2010).

Pension funds

• The introduction of APIs will facilitate smaller pension to consolidate at lower risk and therefore against reduced costs.
• The introduction of PPIs allows foreign players to enter the Dutch pension market offering DC products.

Funds management

• Increased interest in both alternative assets (which is traditionally an Australian strength), as well higher yielding fixed interest instruments. (Source: Het Financieele Dagblad, October 2010).
• Residential mortgage backed securities (RMBS) have made a comeback in the Netherlands, which currently appears to be the largest European market for such structured products (€3.1 billion worth of new issues in September and October 2010 alone) as a result of the good reputation of Dutch mortgages (Source: Het Financieele Dagblad, November 2010). Another phenomenon in the housing market is that APG has started providing funding for housing corporations as a means of inflation hedged investment. Dutch rents are allowed to go up by at least the inflation level. (Source: Het Financieele Dagblad, November 2010).
• Institutional investors plan to further increase their allocation to alternative investments in the next three years. Conditions are increased transparency and liquidity and more flexible product strategies. (Source: Het Financieele Dagblad, June 2010).
• By 2015 it will be possible for non-European hedge funds to service the European market using one single European license. (Source: Het Financieele Dagblad, October 2010). Hedge funds, and particularly the multi-managers, are under increasing pressure to drop their rates and make amends in terms of transparency. (Source: Het Financieele Dagblad, October 2010).

Private equity

The recovery of the economy in the Netherlands has led to an end of year rally by PE firms buying targets using funding that was available from the period before the GFC.

Favourite targets are mid-sized companies in early cyclical phase of economic tides such as outsourcing companies but also suppliers to the energy sector and healthcare and retail companies are popular. (Source: Het Financieele Dagblad, October 2010). It is expected that European and US private equity firms will be focusing heavily on the Asia Pacific region for takeover targets. (Source: Het Financieele Dagblad, June 2010).

Tariffs, regulations and customs

The Dutch Minister of Finance is responsible for how the financial system functions. This takes effect in the institutional structure of supervision, the underlying legislation and the decision making with regards to possible deployment of public funds as a reaction to crises.

Financial supervision is arranged by the law on financial supervision (Wet op het financieel toezicht – Wft). This law describes what activities require a license in the Netherlands. Both licensing as well as supervision is being carried out by two supervisory bodies: the central bank (De Nederlandse Bank) and the financial markets authority (Autoriteit Financiële Markten – AFM).

In addition to its role as central bank DNB also acts as the ‘prudential supervisor’ over the financial markets. Prudential supervision aims to ensure the solidity of financial institutions and to contribute to the stability of the financial sector. Financial institutions are obliged to meet certain minimum levels of solvency and conditions of integrity of management.

The AFM is in charge of ‘behavioural supervision’ over the financial markets. This ensures an orderly and transparent market process regarding savings, investments, insurance and loans, clear relations among actors in the market and in this perspective the protection of consumers (transparency and informing the public).

Solvency II

The rationale for European Union insurance legislation is to facilitate the development of a single market in insurance services in Europe, whilst at the same time securing an adequate level of consumer protection. The third-generation Insurance Directives established an ‘EU passport’ (single licence) for insurers based on the concept of minimum harmonisation and mutual recognition. Many member states have concluded that the current EU minimum requirements are not sufficient and have implemented their own reforms, thus leading to a situation where there is a patchwork of regulatory requirements across the EU. This hampers the functioning of the single market.

Solvency II will be based on economic principles for the measurement of assets and liabilities. It will also be a risk-based system as risk will be measured on consistent principles and capital requirements will depend directly on this. While the Solvency I Directive was aimed at revising and updating the current EU Solvency regime, Solvency II has a much wider scope.

Basel 3

On 12 September 2010 European banks and watchdogs reached an agreement on the 'core tier 1 ratio', a measure for the capital solidity of a bank. This ratio goes up to seven per cent for the risk bearing assets of a bank, including the preservation of capital buffers. The current core tier 1 ratio at a level of two per cent is considered too low to withstand adverse developments.

The new rules prescribe a ratio of 4.5 per cent with an additional capital buffer of 2.5 per cent. Any bank unable to remain above the buffer will be forced to suspend bonuses and payments of dividends. These measures are extended with a separate 'countercyclical buffer of zero to 2.5 per cent for exceptional credit circumstances. The enforcement of the new rules will have a staged introduction starting in 2013. Two years down the road they will have to be in place completely.

The additional capital buffer of 2.5 per cent will be introduced gradually between January 2016 and January 2019 (Source: Beurs.nl, ‘Basel III-akkord gesloten’).

Hedge funds

In October 2010 it was agreed on a European level that hedge funds and PE companies will get access to the EU with just one single license. This does however mean that they will be under supervision (requiring matching transparency) by the EU with the aim to detect substantial risk at an early stage. A staged introduction of the agreement implies that in 2013 there will be a single European license for European funds, in 2015 there will be a single European license for non-European funds whilst national regimes will remain effective and in 2018 national licenses will be discarded.

Links and industry contacts

Nederlandse Vereniging van Banken (NVB)
www.nvb.nl/index.php?p=16982
The NVB was established in 1989 with the objective to serve the joint interests of the Dutch banks after a merger of separate bodies. The mission of the NVB is to maintain a strong, healthy and internationally competitive banking sector in the Netherlands. Among its priorities are topics such as efficient and effective payment logistics, Single Euro Payments Area, the reduction of administrative costs and a joint stance towards loans and mortgages.

Verbond van Verzekeraars
www.verzekeraars.nl/english.aspx
The Dutch lobby organisation for insurance companies active in the Netherlands. Its members have a joint market share of 95 per cent. Its four main tasks are: representation of its members, securing the image of the sector, providing a communications platform and information provision to the member base.

Vereniging Van Effectenbezitters (VEB)
www.veb.net
An independent organisation positioned between investors and listed companies. The VEB represents investors' interests and promotes investment in all forms of stocks, bonds and other securities. Depending on circumstance, the VEB will take legal action to defend investors' interests.

Vereniging Effecten Uitgevende Ondernemingen (VEUO)
www.veuo.nl
The VEUO is a lobby association of companies that is listed on the Euronext Amsterdam N.V. stock exchange. The joint members represent approximately 95 per cent of the value of all companies listed on the exchange (excluding investment funds).

Euronext Amsterdam
www.euronext.com/landing/indexMarket-18812-EN.html
NYSE Euronext is a multinational company operating the New York, Amsterdam, Brussels, Lisbon and Paris stock exchange.

Autoriteit Financiële Markten (AFM)
www.afm.nl/en.aspx
The AFM is the independent supervisory authority for the savings, lending, investment and insurance markets

De Nederlandse Bank (DNB)
www.dnb.nl/en/home/index.jsp
DNB is responsible for safeguarding financial stability. More particularly, DNB contributes to defining and implementing the single monetary policy of the countries which have introduced the euro promotes the smooth operation of the payment system, and supervises financial institutions and the financial sector.

Media

BNR Nieuwsradio – www.bnr.nl/nieuws/home/
FEM Business – www.fembusiness.nl/ – Weekly business magazine
Het Financieele Dagblad – www.fd.nl/home/ – Financial newspaper
Z24 – www.z24.nl – Business website

Contact details

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Through Austrade’s network of offices in over 50 countries, we assist Australian companies to succeed in international business, attract productive foreign direct investment into Australia and promote Australia's education sector internationally.

For more information on how Austrade can assist you, contact us on:

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