Published Fri, Jul 4, 2025 · 01:08 PM
SUMITOMO Mitsui Trust Bank plans to close the lender’s Hong Kong branch by June 2026 and move most of its client operations to the Singapore office, according to people familiar with the matter.
The Hong Kong branch — which currently handles general corporate lending, as well as shipping finance and aviation finance — faced growing competition from overseas banks in recent years, making the business environment increasingly challenging, said the people, who did not want to be named.
A spokesperson for SMTB declined to comment on the development, which was earlier reported by Sing Tao Daily, citing unidentified people.
The bank opened the Hong Kong branch in August 2013 to cover clients in North-east Asia, a role previously handled by Singapore. It was the first new overseas branch launched after the April 2012 merger that formed SMTB.
According to the same sources, the bank also operates a separate local subsidiary in Hong Kong engaged in investment advisory services. That subsidiary will remain in operation to continue responding to demand for asset management services, they said. BLOOMBERG
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