Japanese bank to relocate to Amsterdam after Brexit

Large Japanese bank Mitsubishi UFJ Financial Group (MUFG) chose Amsterdam to be its new base for security trading in the European Union after the Brexit. Initially the bank plans to move less than a hundred of its employees from London to Amsterdam, but more may follow, ANP reports.

MUFG currently employs about 2,100 people in the British capital. The bank also looked at other EU locations, like Paris, but Amsterdam is considered the favorite, according to the news wire.

Other Japanese financial institutions like Mizuho Financial, Sumitomo Mitsui Financial, Nomura and Daiwa Securities chose Franckfurt for a new base after Britain leaves the EU.