Japan’s Mitsubishi UFJ Financial Group (MUFG) has finalised Amsterdam as its new base for European securities operations.

MUFG said that it will now apply for a licence to launch a subsidiary in Amsterdam.

The firm currently offers securities services to EU customers through its subsidiary in the UK. The new subsidiary will allow the bank to continue offering these securities to EU clients even if it loses cross-border passporting rights.

MUFG’s choice of Amsterdam breaks a recent trend by other Japanese financial groups such as Nomura, Daiwa Securities Group and Sumitomo Mitsui Financial Group, all of which picked the German city of Frankfurt as their EU banking base in response to Brexit.

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