The largest Japanese bank moved to Holland after Brexit

The largest Japanese bank, Mitsubishi UFJ Financial Group, chose Holland as its European headquarters after Brexit, preferring Amsterdam to the German financial capital Frankfurt, the Financial Times writes. By quoting two sources, the publication states that relocation would initially affect less than 100 jobs, but could lead to hundreds of jobs being brought out of London. Currently, MUFG employs 2,100 people in the British capital. The Bank of Japan has already moved to Amsterdam its main European headquarters for Corporate Banking and Retail Banking, but has also moved its investment banking division. In a Monday morning statement from the bank, the headquarters for Europe, the Middle East and Africa remain in London, but the main office in the EU will be in Amsterdam. Banks around the world are currently exploring the possibilities for moving their EU operations to other financial capitals outside London after Britain leaves the European Union and the single market. It is then expected that British banks will lose their right to lend to European citizens.

Prior to MUFG, three major Japanese banks, Nomura, Daiwa and Sumitomo, said they would move their European headquarters to Frankfurt. American giant Citigroup will also move to the German financial capital, Morgan Stanley is also expected to do. Germany's largest bank, Deutsche Bank, has also said it is likely to redirect part of its employees from London to its headquarters in Frankfurt.