Denmark-based Saxo Bank to join retreat from Hong Kong and China

Denmark-based Saxo Bank to join retreat from Hong Kong and China



Despite Chinese ownership, country's economic woes prompt office closures.  Saxo Bank, headquartered in Copenhagen, is backed by Chinese auto group Geely but is turning away from the China market.

NEW YORK/HONG KONG -- European investment bank Saxo Bank will close its Hong Kong and Shanghai offices while also scaling back its Tokyo operations, sources familiar with the matter said, as a sluggish Chinese economy dims its prospects in Asia.

The Copenhagen-headquartered institution, in which Chinese carmaker Geely is the biggest shareholder, is rapidly shrinking its regional presence after a strategic review. It is in the process of closing the Shanghai office and will exit Hong Kong, affecting 10 staff members, the sources said.