Japanese banking giant Mitsubishi UFJ Financial Group (MUFG) is upgrading its Amsterdam office to European headquarter status alongside London in the runup to the UK's exit from the European Union.
The Japanese group is set to formally announce its 'two-headed' headquarters system for MUFG Bank Europe later this month, according to Dutch media. It is not clear yet how many of its 2,000 staff working at the European headquarters in London will be relocated to Amsterdam.
MUFG has offices in Tower D of the World Trade Centre located at the Zuidas, or South Axis business district of Amsterdam.
The Amsterdam department will take over supervision of MUFG's operations in 10 EU countries, excluding the UK, but will continue to report to London, for the time being at least. The London office, in turn, will concentrate on the business in the UK and expansion in the Middle East and Africa.
Other Japanese banks stress they will maintain their headquarters in London, though Mizuho Financial, is also beefing up its Amsterdam office.
Russian state-owned VTB Bank is more forthright. VTB deputy president Herbert Moos said in October that the bank is going to scale down its London operations and 'building them up elsewhere'.
