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Leaving the sinking Brexit ship

Paul Hodgson | September 26, 2017

Several banks and other industries have announced they are moving out of the United Kingdom, causing a host of compliance headaches.

Japanese banks, Nomura and Daiwa Securities Group, are moving to Frankfurt. Another Japanese bank, MUFG, is planning to open a subsidiary in Amsterdam and said moving to Frankfurt is something that the bank might consider in the future.

“London remains MUFG’s EMEA headquarters, and there is no change in our commitment to the U.K. and EU markets,” MUFG said in a statement.  “We have been enhancing our core banking unit in Amsterdam for several years, and for this reason we have decided to establish a new subsidiary of MUFG Securities in the city to minimise uncertainty arising from the U.K.’s exit from the EU. This will involve transferring some functions of our securities business to Amsterdam.”

The company added, “We are working closely with regulators to ensure that we reach a solution that is in the best interests of our...

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