After exiting Beijing last year, the decision will make Shanghai its only operating base in China.
NAB is the second big Australian financial firm to leave the Chinese financial hub this year, after Westpac’s departure in June.
NAB is the second major Australian financial institution to be leaving the Chinese financial hub this year, following the exit in June of Westpac, which was fined by Hong Kong authorities for breaching anti-money-laundering and counter-terrorism rules. “A small number of corporate and institutional bankers” would also be affected, with some to be offered re-employment and relocation, NAB said.
“The decision was made following a thorough assessment of our strategy and reflects our ambition to align our corporate and institutional business with the greatest opportunities for NAB and our clients,” Baetens said in an emailed statement.
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