Moving out, moving up

Why stay in Manhattan when taxes are lower and quality of life higher in nearby Greenwich? Financial institutions are overcoming their psychological bond with New York City and flooding into this leafy, wealthy suburb. Michelle Celarier reports on the burgeoning business community.

It isn’t often that the opening of a foreign bank’s US office is treated with a fanfare. But the dedication of the new US headquarters of Austria’s Creditanstalt-Bankverein last fall was just such an event. In chic new quarters overlooking Long Island Sound in Greenwich, Connecticut, state governor John Rowland addressed an overflowing crowd of clients, bankers and local TV reporters. “We look at this as a flagship,” said Rowland, referring to Creditanstalt’s move from New York City to Greenwich, just 45-minutes north by train.

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