National Australia Bank will shut its office in Hong Kong after deciding that Shanghai, Singapore and Tokyo are the preferred regional centres to support its institutional banking clients in Asia.
NAB has about 50 staff in Hong Kong, who work in an office in Wan Chai. They were notified of the surprise decision at a meeting on Wednesday. NAB said it was too early to say how many would be made redundant or offered roles in its other regional offices.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
