NEW YORK/HONG KONG — European investment bank Saxo Bank will close its Hong Kong and Shanghai offices while expanding operations in Tokyo, sources familiar with the matter said, as a sluggish Chinese economy dampens its prospects in Asia.
The Copenhagen-headquartered entity, which is the largest shareholder of Chinese carmaker Geely, is rapidly reducing its regional presence following a strategic review. It is in the process of closing its Shanghai office and will exit Hong Kong, affecting 10 employees, sources said.