IBS Journal: The iconic monthly FinTech magazine

February 2020 issue out now! Subscribe now

Launching India FinTech Report 2020

Market sizing and forecast of Digital Lending, Payments, WealthTech & RegTech. Subscribe now

Leading Back Office Systems for Banks

In-depth Supplier Profiles and User Lists. Subscribe now

In-depth Banking Tech and FinTech Research

Over 300 research reports that's updated quarterly. Subscribe now

MUFG opts for Amsterdam in post-Brexit plan

Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG), has decided on Amsterdam as its post-Brexit base.

MUFG is looking to open a second wing of its securities operations. The decision could involve the movement of “hundreds of jobs” according Financial Times sources. MUFG employs around 2,100 people in London.

The decision marks the first global lender to choose Amsterdam in the Europe-wide scramble for new EU-compliant HQs. MUFG’s rivals Nomura, Daiwa and Sumitomo Mitsui Financial have all decided on Frankfurt.

The Netherlands’ strict cap on bonuses, higher than that of other EU states, has been a limiting factor on its draw for global banks. Dutch banks are limited to paying bonuses of no more than 20% of fixed pay.

MUFG already uses the Dutch capital as the headquarters for its European corporate and retail banking operations. The bank is reportedly still in deep discussion with regulators and hasn’t made a final decision on its post-Brexit plans.

Related Posts