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.
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