REPORT: Japan's biggest bank chooses Amsterdam ahead of Frankfurt for post-Brexit EU hub

pulse

July 31, 2017 10:25 AM

Mitsubishi UFJ Financial Group has already shifted its main EU HQ for corporate and retail banking to Amsterdam.

Amsterdam by night.

LONDON – Japan's biggest bank, Mitsubishi UFJ Financial Group, has chosen the Dutch capital Amsterdam as the location of its post-Brexit EU headquarters, according to a report from the Financial Times on Sunday.

In a statement on Monday morning, MUFG confirmed that its EMEA headquarters will remain in London, but that it is looking to set up a new EU subsidiary.

"We are considering our options around MUFG Securities and the need to establish a new subsidiary within the EU. We are working closely with regulators to ensure that we reach a solution that is in the best interests of our clients.

"However, until we conclude our discussions, we are unable to confirm specific plans."

Mitsubishi's move marks a departure from the pattern of major lenders choosing Frankfurt for their Brexit bases. So far, virtually every lender that has announced a concrete move has said they will move their EU base to the German financial hub of Frankfurt.

Prior to news of MUFG's move, three major Japanese banks, Nomura, Daiwa, andSumitomoMitsui all announced new EU HQs in the city. American giant Citigroup also confirmed that it will send some staff to Frankfurt, while Morgan Stanley is also expected to move staff.

Germany's biggest bank, Deutsche Bank,has also said that it is likely to shift some of its London staff to its global HQ in Frankfurt.

Frankfurt has proved so popular so far that there are fears the city

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