Edmond de Rothschild, a Swiss private banking and asset management group, is set to shut down its Hong Kong business.

The bank, however, also said that it intends to pursue opportunities in Asia through collaborations with firms such as SMBC Nikko Securities and Samsung Asset Management.

The Swiss private bank did not disclose the number of staff or assets affected by the move.

The Swiss bank set up its Hong Kong representative office in 1992. It secured a full banking licence from the Hong Kong Monetary Authority in 2011, and launched a Hong Kong Branch the following year.

The Hong Kong Branch offers a range of services including wealth and succession planning, investment advisory, portfolio management, capital markets and family advisory services, according to information on the company website.

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By GlobalData