NAB closes Asia offices, cuts 400 jobs

May 11, 2005

Australia''s largest bank closes its institutional markets offices in Singapore, Korea and Malaysia, as well as its Tokyo-based securities company.

In an effort to stem declining profits, National Australia Bank (NAB) is rationalizing its institutional banking activities in Asia by creating a regional hub in Hong Kong. That means closing offices in Singapore, Korea, Malaysia and Tokyo, with the expected loss of 400 jobs in the region.

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