Sunday 18 August 2019

Japan’s Norinchukin bank to open Amsterdam unit, due to Brexit

Several financial services firms have moved to the Zuidas business district. Photo: DutchNews.nl

One of Japan’s biggest banks has said it is opening a subsidiary in Amsterdam in response to Brexit.

The decision is being taken ‘in response to the planned withdrawal of the United Kingdom from the European Union, and other changes to the economic environment in Europe,’ the Norinchukin bank said in a statement.

The Amsterdam unit will be a ‘wholly-owned banking subsidiary’ and the aim is to strengthen the bank’s business in Europe, the statement said.

The Dutch capital has managed to attract a few new financial services companies since Britain decided to pull out of the EU. In particular, trading platforms, traders and a number of small banks are interested in relocating some operations from London to the Netherlands, the Dutch financial regulator AFM said last October.

A number of larger plaforms, including CBOE, LSE Turquoise and Bloomberg have already gone public with their plans to move to Amsterdam, as has trader Jane Street.

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