Expanding its European presence
One of Japan’s largest banks is set to open a new office in Amsterdam. Financial institution Norinchukin Bank has announced it will open a wholly owned subsidiary in the Dutch capital, subject to regulatory approval. In a statement, the bank said the move was “in response to the planned withdrawal of the United Kingdom from the European Union, and other changes to the economic environment in Europe”, and aims to strengthen the company’s European business.
Headquartered in Tokyo and founded in 1923, Norinchukin Bank is one of the world’s 40 biggest banks, serving thousands of forestry, fishing and agricultural cooperatives. As one of Japan’s largest institutional investors, it has an investment portfolio of more than US$400 billion and assets worth more than US$840 billion.
Amsterdam's finance sector continues to grow
Kazuto Oku, chairman of the bank’s board, has previously indicated an interest in diversifying Norinchukin’s business activities in Europe. The Netherlands Foreign Investment Agency welcomed the move, saying that it was “good news that Norinchukin has chosen to continue to focus on the European financial market from the Netherlands”.
Norinchukin is not the first Japanese organisation to move to the Netherlands, either. Mitsubishi UFJ Financial Group, the country’s largest bank, also filed a license to establish a new Amsterdam subsidiary in 2017, having previously already shifted its main European headquarters for corporate and retail banking to the city.
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