Geneva-based private bank Edmond de Rothschild is closing its Hong Kong office, the firm's only branch in Asia, in another signal of the pressures facing wealth managers in the region.
Edmond de Rothschild has operated in Hong Kong since 1993, when it set up a representative office. The current branch was established in 2012 after the firm gained a banking licence from the Hong Kong Monetary Authority.
"We will inform our clients immediately and with transparency, the processes involved and the options available to them over the coming months," said Jing Zhang Brogle, chief executive of the Hong Kong branch.
Edmond de Rothschild said it would aim to continue offering services in Asia "through selective strategic partnerships with leaders in the region", naming Sumitomo Mitsui Banking, Nikko Securities and Samsung Asset Management.
The firm is not the only one to withdraw from Asia's private banking sector in recent months. Australia's ANZ recently sold its retail and wealth management business to DBS, of Singapore, while ABN Amro has sold its Asian and Middle Eastern private banking business to LGT Group, of Liechtenstein.
©2016 funds global asia