National Australia Bank has announced that it will shut its branch in Hong Kong to focus its Asia Pacific efforts elsewhere in the region.
In a statement, the bank said that its offices in Singapore, Tokyo and Shanghai had emerged as preferred customer outreach hugs in Asia. NAB said that it is “too early” to confirm the impact of the branch closing, with around 50 roles likely to be impacted.
NAB’s Hong Kong wind down will take around 18 months, the bank added.
Krista Baetens, NAB Executive, Asia, said: "These offices play an important role in markets, distribution and trade finance.
"The decision was made following a thorough assessment of our strategy and reflects our ambition to align our Corporate and Institutional business with the greatest opportunities for NAB and our clients. Our global greater China customers and investors will be well served from Shanghai and other branches in Asia, UK, Europe, US and from our head office in Australia."
The news comes after the Finance Sector Union earlier this month said that NAB was planning to cut 222 back-office jobs.
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