RETAIL BANKING | Staff Reporter, Japan

Japanese banks bolster operations in Amsterdam

The city's cheaper rents, moderate taxes attract MUFG and Mizuho.

According to Bloomberg, as Frankfurt, Paris and Dublin vie for financial jobs that may move from London after Brexit, two of Japan’s biggest banks have been quietly building their presence elsewhere: Amsterdam.

Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. are bolstering their units in the Dutch city, where they both hold a banking license that enables them to serve clients throughout the European Union. They still need to choose a location for conducting securities business in the region should the U.K.’s exit make London a more difficult place to perform certain services for European customers, such as underwriting and derivatives.

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