Hundreds of staff could move as part of the Japanese investment bank’s Brexit contingency planning
Japan’s biggest bank MUFG is eyeing Amsterdam as the new European Union base for its investment banking business.
According to a report in the Financial Times yesterday hundreds of jobs could move from London to Amsterdam as part of its Brexit contingency planning.
Although Amsterdam is the clear favourite, the bank has not completely closed off other options, the FT reports.
A spokeswoman for MUFG in London said: “As has been reported, 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. London is and will remain MUFG’s Emea headquarters. There is no change in our commitment to the UK and EU markets.”
Several international banks have made announcements in recent weeks about where they plan to move staff or expand operations to deal with the Brexit fallout. Frankfurt is emerging as the favourite, with Morgan Stanley and Citigroup among the large, global banks to have chosen the German city.
If MUFG does make Amsterdam its EU hub, it will be the first international bank to do so. Its domestic rivals Nomura and Daiwa Securities have also chosen to locate their EU headquarters in Frankfurt.
There is still little clarity on what Brexit might mean for the UK operations of financial services firms, or how much access they might have to the EU from their London offices after the UK has left the bloc. But banks have been getting ahead and putting strategies in place, partly prompted by the Bank of England’s request that they submit their Brexit contingency plans by July 14.