National Australia Bank (NAB) has announced the closure of its Hong Kong office while planning to retain other branches as key hubs for customers in the region. The winding down of operations in Hong Kong is expected to be completed within 18 months. NAB’s Singapore, Tokyo, and Shanghai offices will serve as the key customer hubs in the region and provide support for the Hong Kong customer base.
According to Krista Baetens, NAB Executive, Asia, these offices play a crucial role in markets, distribution, and trade finance. The closure of the Hong Kong office comes after Australian major lender Westpac Banking Corp. ended its banking activity in the same location in June. NAB’s Hong Kong office currently employs approximately 50 staff members, and it is anticipated that full closure will occur by 2025.
Baetens emphasized that the decision to shut down the Hong Kong office was not taken lightly. It was made after a thorough assessment of NAB’s strategy and aims to align their Corporate and Institutional business with the best opportunities for both NAB and their clients. The bank reassured their global Greater China customers and investors that they will continue to be well served from other branches in Asia, the UK, Europe, and the US, as well as from their head office in Australia.