NAB closes Asia offices, cuts 400 jobs

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.

The announcement was made in Melbourne on Wednesday as the bank reported a first-half net profit of A$2.54 billion $1.97 billion.

New CEO, John Stewart, laid out a series of strategies to rebuild and transform the bank and provide long-term sustainable growth. NAB has been losing market share and profits since a foreign exchange options scandal back in...

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