Japan’s largest bank Mitsubishi UFJ Financial Group (MUFG) is concentrating its European Union activities in Amsterdam, moving EU capital to the Netherlands and scrapping banking licences in other member states.

The decision to merge MUFG Securities (Europe) into MUFG Bank (Europe) will enable MUFG to “expand the range and quality of support provided to clients”, the bank said in a statement.

Consolidating capital in one country will also allow MUFG to deploy its resources more efficiently across Europe.

MUFG expects the reorganisation to be completed within about a year. With a balance sheet of around €2,744 billion, the bank is the world’s 10th largest by assets, according to Bloomberg. By comparison, ING, the Netherlands’ largest bank, has a balance sheet of €951 billion.

Around 450 staff currently work at MUFG’s EU headquarters on Amsterdam’s Zuidas business district and their number is not expected to increase substantially.

Above the EU structure sits MUFG’s regional headquarters for Europe, the Middle East and Africa, based in London, where about 3,000 people are employed.