Mitsubishi UFJ Financial Group has chosen Amsterdam, the Netherlands as its post Brexit EU head quarter which would initially impact less than 100 jobs but eventually could lead to several hundred staff shifted out of London. MUFG currently employs around 2,100 employees in London.
The corporate and retail banking of MUFG EU HQ has already been shifted to Amsterdam and soon the investment banking division will be shifted to Amsterdam as well.
While MUFG confirmed that its EMEA headquarters will remain in London, it is setting up a new EU subsidiary as well.
“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.”
While major lenders are choosing Frankfurt for their Brexit bases, MUFG’s Amsterdam is a departure from the pattern of major banks.
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with approximately 350 years of history, MUFG is a global network with 1,100 offices in over 40 countries. MUFG, is one of the world’s leading financial groups with total assets of JPY 286 trillion or USD $2.4 trillion as of 31 March 2015. MUFG’s services include commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. MUFG’s shares are traded on the Tokyo, Nagoya, and New York (NYSE: MTU) stock exchanges respectively.
Established in April 2, 2001, Mitsubishi UFJ Financial Group Inc. is a bank holding company that provides financial services in Japan and internationally. Services including banking products and services, financial consulting services, deposit products and non-interest-bearing deposit accounts, asset management and administration services, trust products and other investment products. It also provides annuity, single premium whole life, flat- rate premium whole life, medical, cancer and nursing care insurance products, testamentary trust services, housing loans, internet banking services and credit cards.