Mizuho and MUFG reorganise European branches
Mizuho Financial Group and Mitsubishi UFJ Financial Group (MUFG) are set to restructure their operations throughout Europe in the wake of Britain's vote to leave the EU. Mizuho will reportedly augment functions at its Dutch unit and create a full branch in Madrid in a bid to ensure its 'passporting rights' to other EU countries. MUFG will place its Brussels branch under its Netherlands unit MUFG Bank (Europe) and plans to reorganise further euro zone locations under its affiliates umbrella.

TOKYO -- Japanese megabank parents Mizuho Financial Group and Mitsubishi UFJ Financial Group are reshuffling operations in Europe to hedge against possible fallout involving Britain's vote to leave the European Union.

Mizuho will augment functions at its Dutch arm and give the unit a new moniker that reflects the wider European perspective, possibly by the end of 2016. The unit operates bank branches in Austria, Spain and Belgium, among other offices, and provides typical services such as deposits and lending.