(Bloomberg) — ClearBank Ltd. is preparing to hire as many as 100 staff in the Netherlands as it expands into Europe, according to Chief Executive Officer Charles McManus.
The clearing bank will initially transfer between 20 and 30 million euros ($22 million and $33 million) of regulatory capital to its new branch, ClearBank Europe, which should be fully operational in Amsterdam by the third quarter of 2023, McManus said in an interview.
ClearBank, which is based in the English city of Bristol, said earlier Monday it had raised 175 million pounds ($229 million), led by funds advised by private equity group Apax Partners. The firm launched in 2017 and serves more than 200 financial institutions and fintechs including Tide and Coinbase Inc., the largest U.S. cryptocurrency trading platform.
“We want to build a long-term proposition in Europe; we have searches out already in relation to the new CEO,” McManus said, adding that between 50 and 100 staff will be recruited, adding to the 362 employees currently working in the U.K. “We believe the European bank could easily be as big, if not bigger than, the U.K. bank.”
The firm picked Amsterdam over other cities such as Paris or Frankfurt due to the speed at which a local license can be obtained. ClearBank is planning to expand to Europe before moving into North America and Asia Pacific.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
