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Japan’s Biggest Bank Moves From London to Amsterdam

Uncertainties by Brexit has caused Japan’s MUFG bank in London, set to move its European investment operations to Amsterdam.

According to sources, the bank could move hundreds of its 2,100 employees in London to the capital of The Netherlands.

Other banks are also seeking to set up new offices in various cities across Europe.

United Kingdom’s withdrawal from the European Union (EU) is said to pose a huge impact on the financial services industry and other sectors in the UK.

This is because companies in Britain will no longer be able to operate within the EU framework, and Brexit could also potentially jeopardize their businesses and block access to clients.

In the last few weeks, financial institutions have been pressured by the Bank of England on post-Brexit plans.

Although the Netherlands is said to have strict bonus caps, companies that employ at least 75% of their staff outside the country are exempted under the new proposals.

This means that MUFG will be separated from other large Japanese banks based in London, which are seeking to move to the German financial capital, Frankfurt.

Speaking of post-Brexit locations, Frankfurt is also the choice of Citigroup, Morgan Stanley and Standard Chartered bank.

Source: Independent UK
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