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Japan's megabanks weigh Brexit impact, reorganize European ops

Japan's MizuhoFinancial Group Inc. and Mitsubishi UFJ Financial Group Inc. are reorganizingtheir European operations to better protect against possible risks stemming fromthe U.K.'s decision to leave the European Union, The Nikkei reported July 23.

Mizuho Financial plans to boost functions at its Dutch unitand give it a new name, possibly by the end of the year, to reflect the wider Europeanperspective. The company will also revamp a representative office in Madrid tobecome a full branch and add more staff as early as 2016.

Meanwhile, Mitsubishi UFJ will reorganize more eurozonelocations under its MUFG Bank(Europe) NV unit.

Neither of the two Japanese banks is looking to change itsLondon operations.

Of the three Japanese megabanks, may facethe biggest impact from Brexit. Sumitomo Mitsui Banking had established itsEuropean arm in London, where it obtained its EU passport rights that allowedit to operate freely across the eurozone. With Brexit, the bank is consideringits next moves, which may include getting passport rights outside of the U.K.