Banque Internationale à Luxembourg is reorganizing its international network for wealth management operations. As part of this restructuring, the bank is withdrawing from a key financial hub in Asia.
Banque Internationale à Luxembourg (BIL) has decided to shut down its Hong Kong office, BIL Wealth Management, in a strategic move aimed at strengthening its wealth management activities in Europe. A spokesperson in Luxembourg confirmed the move.
The bank's teams will continue serving Chinese clients through its two wealth management hubs in Luxembourg and Switzerland, the spokesperson added. The representative office in Beijing will remain fully operational.
This decision is quite surprising, particularly as BIL is owned by China’s Legend Holdings. However, the bank seems to have faced challenges in maintaining sufficient profitability in Hong Kong in recent years, compounded by the city's difficult economic environment.
