Number of financial holding companies owned by multinational corporations has almost halved

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New figures from De Nederlandsche Bank (DNB) show that the number of financial holding companies owned by multinational corporations in the conduit sector has almost halved over the past decade. Where the conduit sector comprised more than 14,000 holding companies in the Netherlands in 2017, by 2025 that figure had fallen to just under 8,000. 

Published: 23 April 2026

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The conduit sector consists of financial holding companies owned by multinational corporations. These holding companies employ very few staff and are used for financing purposes. Multinational corporations often channel large sums of money through these Dutch financial holding companies for legal and tax reasons, but in recent years many of these conduit companies have ceased their activities. A smaller proportion of the decline may be linked to factors such as mergers and changes in business activities.

Source: DNB statistics

At De Nederlandsche Bank, we independently compile statistics on the Dutch financial sector and economy. This article is based on these statistics. More information on our statistics and all dashboards can be found on our Statistics homepage.

The contraction of the conduit sector is also evident in the balance sheet size of these holding companies: the aggregate balance sheet size fell from 652% of GDP at year-end 2017 to 401% of GDP, or €4,732 billion, at year-end 2025.

This decline and the reduction in the number of holding companies may be linked to various measures taken to curb tax avoidance through conduit structures. The Netherlands has, for example, implemented a withholding tax on interest, royalties and dividend payments to low-tax jurisdictions. Additionally, a global minimum corporate tax rate of 15% has come into effect.  

Despite this decline, the Netherlands remains an important hub for conduit financing: within Europe, only Luxembourg has a larger conduit sector. It should be noted that the decline in numbers and balance sheet size has a limited impact on the economy, as these financial holding companies have virtually no real economic activities in the Netherlands. 

Fewer trust offices too

The decline in the number of holding companies may also be contributing (in part) to the decrease in the number of trust offices active in the Netherlands. Financial holding companies owned by multinational corporations make use of trust offices because they can handle management and administration in the Netherlands without the multinational itself needing to maintain staff or an office there.

The number of trust offices has halved since 2017, falling from around 200 to just over 100 in 2025.

DNB publishes new statistics on the conduit sector

DNB is publishing new tables and a dashboard on the Dutch conduit sector today. The Netherlands is a major player in the financing of multinational corporations. These multinational corporations often channel large sums of money through Dutch financial holding companies for legal and tax reasons. The holding companies themselves have only a limited impact on the Dutch economy.

The new statistics provide insight into the conduit sector, including its scale, relevant revenue streams and international links.

The defunct holding companies had comparatively many financial links with low-tax jurisdictions

The combined balance sheet total of the financial holding companies that have ceased operations in recent years stood at €1,464 billion in 2017, which at the time represented around one-third of the total balance sheet size of the conduit sector. 

The holding companies that have disappeared since then had a comparatively large number of links to low-tax jurisdictions (sometimes referred to as tax havens), such as the Cayman Islands and Bermuda. Well over half of the debts and equity (liabilities) relating to these countries were held by these defunct holding companies. The figure for assets was a bit lower at around a third.

More information

Dashboard: The conduit sector

Table 15.7: Balance sheet of financial holding companies owned by multinationals by region

Table 15.8: Transactions of financial holding companies owned by multinationals

Table 15.9: Balance sheet of financial holding companies owned by multinationals by country

Table 15.10: Income flows of financial holding companies owned by multinational corporations by region

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