Japanese bank MUFG confirms move to Amsterdam after Brexit
Large Japanese bank Mitsubishi UFJ Financial Group (MUFG) filed a license application to set up a new subsidiary in Amsterdam, so that the financial group can continue to serve customers in the European Union after the Brexit, the bank said in a statement.
"The new subsidiary in Amsterdam will ensure that the Group can continue to provide these services to its EU clients, even if the cross-border passport is lost as a result of Brexit," the bank noted. Currently, the EU customers are served by a subsidiary based in the United Kingdom.
MUFG is the first Japanese financial institution to opt for Amsterdam. Major companies like Mizuho Financial, Sumitomo Mitsui Financial, Nomura and Daiwa Securities all chose Frankfurt for their new EU base. MUFG also wants to set up a branch in Paris, according to news wire ANP.
Over the summer, British media reported that MUFG is considering moving to Amsterdam. The bank planned to initially move a few dozen employees from London to Amsterdam. MUFG currently has around 2,100 employees in London. MUFG already has a licenses for commercial banking in the Netherlands.
The United Kingdom's decision to leave the European Union, means that financial institutions in London are losing certain rights to trade in the EU area. Establishing an office in an EU country can overcome this problem.