Failed Portuguese bank Banco Espírito Santo has reportedly decided to close its Hong Kong operation as part of a restructuring after a government bailout.
The bank’s Hong Kong operations consist of a small stock trading operation and employees were informed of the closure, a person familiar with the matter told Reuters.
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The move follows the collapse of the bank last month, which led to a bail out by the Portuguese central bank.
The bank forayed into Hong Kong market four years with the acquisition of a controlling stake in securities firm Execution Noble.
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