Banque Internationale à Luxembourg (BIL) has shut down its Singapore operations as part of its new strategic framework.
BIL Singapore, which started operations in 1982, presently employs 23 people.
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Commenting on the move, BIL CEO Hugues Delcourt said: "After many years of activities in the country, closing our office in Singapore was a difficult but necessary business decision, as significant scale is required to sustainably operate in this region, which we do not have.
"Although it is never easy to take such decisions, the impact of its implementation is not material for the group.
"As we carefully reviewed our priorities and target markets, we decided to increase our Wealth Management activities in other regions where, we believe, we can be of greater relevance to our clients and to the market in general, ensuring long-term sustainable growth for the bank."
The bank said that it is now continuously reviewing the international footprint that it needs to serve its clients across the key markets.
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By GlobalDataAs a result, the bank recently opened a branch in Dubai and strengthened its presence in Switzerland through the acquisition of KBL Switzerland.
