Westpac’s decision to shut its operations in Hong Kong and China continues the steady ebb and flow of Australian banks in and out of Asia.
See also: ANZ, conducting a Standard Chartered-style buildout in Asia before deciding to quit everything except trade and institutional; CBA, the first Australian bank to open a Mumbai branch, to close it six years later; and NAB, which closed institutional offices in Singapore, Korea and Malaysia as well as a Japan securities company.
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