Commerzbank mulls exit from Hong Kong, other Asian locations

Asia sales activities will be bundled in Singapore.

Commerzbank plans to withdraw from several locations, including Hong Kong, as part of its previously announced restructuring, reports Bloomberg.

Asia sales activities will be bundled in Singapore and the Dubai branch will continue to operate as a representative office, it said. Representative offices in Indonesia and Malaysia are said to be closed as well.

The number of correspondent banks will be reduced from 1,600 to 1,300 globally.

The bank is also considering to exit from Luxembourg and Hungary as well as close branches in Barcelona, Bratislava, and Brussels.

Commerzbank has outlined a major restructuring that includes 10,000 job cuts. It announced a 2020 loss of about $3.5b linked to related costs. The bank's foreign presence is to drop to fewer than 40 countries from 50.

Here’s more from Bloomberg.