National Australia Bank has decided to close its Hong Kong office and serve Greater China clients out of Shanghai as well as other locations.
NAB is planning to close its Hong Kong office, according to a statement, with its remaining offices in Singapore, Tokyo and Shanghai serving as the main hubs for clients in Asia. The closure will take place over the next 18 months and is likely to impact about 50 roles in Hong Kong.
NAB joins Westpac as two out of the four largest banks in Australia that have decided to exit Hong Kong. In October 2020, Westpac said it would exit operations in the city, alongside Beijing, Shanghai, Mumbai and Jakarta, while consolidating its international operations into branches in Singapore, London and New York.
ANZ and Commonwealth Bank of Australia – the country’s two other «big four» lenders – continue to have a presence in Hong Kong.
