Brexit uncertainty prompts Japanese bank to go Dutch

Japanese banking giant Norinchukin has revealed plans to open a subsidiary in Amsterdam as it prepares for Brexit.

The bank said in a statement that '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 will, subject to regulatory approval, establish a wholly-owned banking subsidiary in Amsterdam'.

The purpose of the new office launch 'is to strengthen its business in Europe', the bank added, saying that 'further details on the above entity, such as its official opening date, will be released in due course'.

The move follows preparations by other financial bodies and international groups to move premises chiefly to Amsterdam, Dublin, Frankfurt and Paris as they seek post-Brexit alternatives to London.

CBOE and Bloomberg have already revealed plans to head to Amsterdam, while the European Banking Authority (EBA) is due to relocate to Paris this March. Chubb, America's largest damage insurance company, is also relocating from the UK capital to La Defense.

Meanwhile, Goldman Sachs, JP Morgan, Morgan Stanley and Citigroup have all announced plans to expand operations across their Frankfurt subsidiaries to cope with the UK's exit from the European Union.

Uncertainty about key aspects of the final Brexit agreement means that other firms are waiting it out, but many US banks with EU hubs are expected to shift their balance sheets to the Continent in good time.

British MPs are being asked to vote on Theresa May's Brexit plan on Tuesday evening in Parliament, with a negative outcome now being linked to a possible extension to the UK's leaving date.


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