The focus on Barcelona as a top treasury location seems to be attracting more than just the world's multinationals. Nordic Financial Systems (NFS), the treasury service provider, has opened an office in the Catalan capital to tap in to the burgeoning corporate interest. As CF noted in its July 2003 edition, Barcelona is proving a strong draw for corporates. Half of the Japanese, German and French companies in Spain are in Barcelona and are taking advantage of labour costs below the EU average and cheap office prices bettered only by Lisbon, the Portuguese capital.
Magnus Lind, CEO at NFS, comments: "We are very excited to have a local presence in Spain. The high level of activity in the region and the support of ASSET [the Spanish association of corporate financiers and treasurers) pose great opportunities for us."