Lloyds TSB international has shut its Hong Kong representative office, citing a lack of scalability.
The office was closed at the start of February and the decision was part of the group's strategy to "focus on geographies where it can invest and build scale from its existing position," according to a company statement.
Lloyds TSB has recently restarted issuance in the American market after a five- month hiatus, but its presence in the Asia-Pacific retail structured product market was limited. According to the SRP database, it issued only two products in Taiwan, one of which is still live.
Lloyds TSB said existing clients will be served by its Isle of Man offshore centre via 24/7 banking and that a dedicated relationship-management team has been set up.
The closure will not affect the bank's Hong Kong branch and it will maintain its Singapore and Shanghai offices.