Monday 18 November 2019

Japan’s biggest bank 'set to move investment operations from London to Amsterdam' because of Brexit

The City of London looks set to lose more business because of Brexit
The City of London looks set to lose more business because of Brexit

Will Worley

Japan’s biggest bank is reportedly set to move its European investment operations from London to Amsterdam because of the uncertainty posed by Brexit.

MUFG could move hundreds of its 2,100 London employees to the Dutch capital, sources told the Financial Times.

Other banks are also looking to set up new offices in various European cities because of Brexit.

The UK’s withdrawal from the EU is likely to have a significant effect on the financial services industry in the UK – along with numerous other areas – as companies in Britain will no longer be able to operate within the EU framework.

Read more:Peter Casey: We need an urgent national debate on Irexit from a massively-flawed EU

This could potentially block access to clients and significantly interfere with business.

Amsterdam is already home to MUFG’s retail and corporate banking operations.

The Netherlands has strict bonus caps but, under new proposals, these would be exempt for companies which employ at least 75pc of their staff outside the country.

The proposed move separates MUFG from other large Japanese banks based in London, which are eyeing moves to Frankfurt, the German financial capital.

The Bank of England has been pressuring financial institutions to outline their post-Brexit plans in recent weeks, the FT reported.

Frankfurt was also the choice of Citigroup, Morgan Stanley and Standard Chartered for their post-Brexit locations.

HSBC chose Paris and the Bank of America and Barclays opted for Dublin.

Independent News Service

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