Norinchukin Receives Approval to Establish a Banking Subsidiary in the Netherlands
Norinchukin establishes a subsidiary in Amsterdam
The Norinchukin Bank, one of Japan’s largest and oldest financial institutions, has received the approval by the European Central Bank to establish a banking subsidiary in Amsterdam, the Netherlands. The bank announced that it is making the move in response to the anticipated Brexit and other changes in the economic environment in Europe.
Dutch office strengthens European strategy
The new banking subsidiary in Amsterdam will expand the range of commercial banking services in Europe and is established to strengthen Norinchukins business on the continent. The Dutch office will mainly focus on asset management and project financing. It is expected to start with employing around 30 people. The Bank will continue preparations, subject to the approval of Japanese regulatory authorities among others.
Netherlands offers stability to financial markets
In response to the European Central Bank providing approval for the license of The Norinchukin Bank, Jeroen Nijland, Commissioner at the Netherlands Foreign Investment Agency (NFIA) remarks: “I am delighted to welcome one of Japan’s largest and oldest banks, The Norinchukin Bank, to the Netherlands. The Norinchukin Bank choosing Amsterdam as its base for operating on the European financial markets, confirms that the Netherlands ensures business stability and continuity. Norinchukin will be in good company of other international financial players such as MarketAxess, MUFG Bank, ICBC and Dutch companies such as Adyen.’’
Leading agri-business bank
Established in 1923, the Norinchukin Bank is one of Japan’s largest and oldest banks and one of the 40 largest banks in the world. Headquartered in Tokyo. Norinchukin Bank is a cooperative institution and in its home market it is primarily focused on the agricultural sector. According to the Financieel Dagblad, Norinchukin is the largest provider of loans to agri-businesses in Japan. In 2015, Norinchukin closed a strategic alliance with Rabobank of the Netherlands.
Bron: Norinchukin14 August 2019