Latest News

NAB to shutter Hong Kong office

By Jonathan Easton

National Australia Bank has announced that it will shut its branch in Hong Kong to focus its Asia Pacific efforts elsewhere in the region.

In a statement, the bank said that its offices in Singapore, Tokyo and Shanghai had emerged as preferred customer outreach hugs in Asia. NAB said that it is “too early” to confirm the impact of the branch closing, with around 50 roles likely to be impacted.

NAB’s Hong Kong wind down will take around 18 months, the bank added.

Krista Baetens, NAB Executive, Asia, said: "These offices play an important role in markets, distribution and trade finance.

"The decision was made following a thorough assessment of our strategy and reflects our ambition to align our Corporate and Institutional business with the greatest opportunities for NAB and our clients. Our global greater China customers and investors will be well served from Shanghai and other branches in Asia, UK, Europe, US and from our head office in Australia."

The news comes after the Finance Sector Union earlier this month said that NAB was planning to cut 222 back-office jobs.

    Share Story:

Recent Stories

Citigroup announces sweeping organisational reforms to satisfy shareholders

NAB to shutter Hong Kong office

Cash use rises while debit cards account for half of all payments


Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.

BANNER

Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.

Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.

Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.

This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.

© 2019 Perspective Publishing     Privacy & Cookies