In a statement, Lloyds confirmed the office was closed earlier this month and that this decision follows the group’s strategy to “focus on geographies where it can invest and build scale from its existing position”.
The company added that it did not believe this strategy was possible for the representative office servicing the wealth and investment market in Hong Kong, “in the near term”.
It said that existing customers would not be affected and will continue to be serviced by “Lloyds TSB International Offshore Centre in the Isle of Man” and by “24/7 banking”, adding that relationships with Asian based intermediaries are now serviced by a “dedicated relationship management team in the Isle of Man”. It was not clear whether the relationship management team in the Isle of Man would work hours compatible with the seven hour time difference.
The Hong Kong branch of Lloyds TSB remains open.
It is understood that six jobs were under threat due to the closure and that four employees have been relocated within the business and two have been made redundant.
The closure came shortly before the Lloyds banking group announced a £3.5bn loss last week, although the company did not link the two in its statement.
The Lloyds TSB International Mortgage Service is unaffected.
This story was updated on 01.03.2012
