Japan’s biggest bank, Mitsubishi UFJ Financial Group, is planning to open a new EU base for investment banking operations in Amsterdam, the Financial Times said on Monday.

The paper bases its claims on two sources and says the decision highlights the fierce competition between Europe’s capitals ahead of Britain’s departure from the EU.

MUFG is opening a second arm of its European securities operation in the Netherlands because it will be left without passporting rights to sell investment banking services from London after Brexit.

MUFG employs 2,100 people in London and the shift could involve hundreds of jobs. One source, however, told the FT that fewer than 100 jobs would move. MUFG already has a representative office in Amsterdam’s Zuidas business district.

Other Japanese banks have opted to move operations to Frankfurt.