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TOKYO: Japanese megabank MUFG said Wednesday it decided to move its European securities division from London to Amsterdam as the firm prepares for Brexit.

Mitsubishi UFJ Securities Holdings has decided to apply for a licence to establish a new subsidiary in Amsterdam, MUFG said after narrowing down a list of favourites, which also included Paris.

Britain is at risk of losing the ‘passporting rights’ financial firms use to deal with clients in the rest of the European bloc.

That, along with political uncertainty surrounding Brexit negotiations, has spurred foreign companies that have set up shop in Britain, or established European headquarters there, to begin looking for alternative locations.

“The new subsidiary in Amsterdam will ensure that the group can continue to provide these services to its EU clients, even if the cross-border passport is lost as a result of Brexit,” it said in a statement.

Other Japanese firms including Nomura Holdings, Daiwa Securities and Sumitomo Mitsui Financial Group have said they are planning to move their main EU bases from London to Frankfurt.

Published in Dawn, September 14th, 2017