Mitsubishi UFJ Financial Group (MUFG) has officially applied to establish a European securities services business in Amsterdam, as banks look to accelerate their post-Brexit plans.
The Japanese investment bank stated it has applied to establish a subsidiary in Amsterdam, despite many of its rivals such as Nomura and Daiwa, selecting Frankfurt as their new EU hub.
“The new subsidiary in Amsterdam will ensure that the Group can continue to provide these [securities] services to its EU clients, even if the cross-border passport is lost as a result of Brexit,” MUFG stated.
MUFG currently holds around $2.4 trillion in assets, with its European asset servicing business based in London, Dublin, Jersey and Luxembourg.
However, the bank did not provide details of the timing of the move.
A spokesperson for the bank told The Independent that “significantly fewer than 100 staff” will be employed by the new subsidiary, and that London would remain its EMEA headquarters.
According to a report from Bloomberg, sources claim it is also considering plans to set up a securities branch in Paris.
The Dutch capital has already attracted trading platforms Tradeweb and MarketAxxess due to its city’s connection with high frequency trading and having some of the world’s fastest data links.
A number of asset servicing banks have gone public with their post-Brexit plans to ensure they are able to service EU based customers.
In July Northern Trust applied for an EU-banking license in Luxembourg, and created a new position of head of continental Europe. In May, JP Morgan purchased a new office in Dublin and plans to expand its custody and fund services business in Ireland significantly.