Japanese investment bank Mitsubishi UFJ Securities has announced that it’s putting measures in position to maneuver a number of its European securities division from London to Amsterdam due to Brexit.
Inside a statement, the loan provider stated the securities services it provides EU customers are presently provided via a subsidiary within the United kingdom. It stated it has made the decision to try to get a licence to function within the Nederlander city, in order that it can move individuals services if necessary.
“The new subsidiary in Amsterdam will be sure that the group could provide these types of services to the EU clients, whether or not the mix-border passport sheds because of Brexit,” it stated.
In This summer, sources already told the Financial Occasions that MUFG could move countless its 2,100 London employees towards the Nederlander capital.
A spokesperson for that bank stated on Wednesday, however, that “considerably less than 100 staff” is going to be utilized by the brand new subsidiary which London would remain MUFG’s headquarters for Europe, the center East and Africa.
Amsterdam has already been the place to find MUFG’s retail and company banking operations.
Other major investment banks with global operations have previously vowed to grow their workforces in European metropolitan areas, including Paris, Frankfurt and Dublin, to make sure seamless service regardless of the publish-Brexit arrangement.
While there’s still an opportunity that the deal is struck, allowing banks within the United kingdom to seamlessly continue servicing clients over the EU and all of those other world after Brexit, many have for several weeks been preparing for that worst.