One of Japan’s largest banks Norinchukin has just revealed that Brexit has spurred it to open a Dutch subsidiary. Anna Tobin reports
Subject to regulatory approval, the Norinchukin Bank today confirmed that, in response to the UK’s planned withdrawal from the EU and other changes to the European economic environment, it is establishing a wholly-owned banking subsidiary in Amsterdam, The Netherlands. By making this move it hopes to be able to strengthen its business in Europe. It is likely that Norinchukin’s London presence will be reduced as a result of this move.
Japanese banks Nomura and Daiwa are also setting up EU operations in mainland Europe, both opening bases in Germany. While Japanese electronics’ manufacturer Panasonic is moving its European HQ from the UK to The Netherlands.