Geneva-based Syz private bank has decided to shutter its office in Hong Kong. The company will focus on the European market instead.
Syz, based in Geneva, has decided to leave Asia again after opening an office in Hong Kong ten years ago. The bank has stopped all its business in the city, a spokesman confirmed a report by «AsianInvestor» (behind paywall). Syz had a maximum of five people employed in Hong Kong.
The bank will base all its asset management activities in Geneva and provide customer support for Asian clients from Switzerland, the spokesman said. Syz has no private banking business in Asia.
European Focus
But Syz has also decided to focus on the European market from now on. The company has opened an office in Munich at the end of last year.
The move by Syz follows a similar decision by Geneva-based Edmond de Rothschild in December of 2016.
Suzanna Wong, who was in charge of selling the Oyster Funds in Hong Kong, has left Syz and has taken over intermediary sales for Vontobel in Asia, as finews.asia reported earlier.
