December 4, 2019 / 11:07 AM / 5 days ago

Norway's DNB to scale back Shanghai bank operation

OSLO, Dec 4 (Reuters) - Norwegian bank DNB is closing its Shanghai branch, replacing it with a smaller representative office after years of slow business in China, the bank told Reuters on Wednesday.

“Over the past few years DNB’s business in the branch has been very limited, and we expect it will continue to be so in the future,” said Vidar Andersen, who heads the international part of the bank’s corporate banking unit.

While the current branch has 15 employees, the new office will have a staff of three or four, he added. (Reporting by Victoria Klesty; Editing by Terje Solsvik and Mark Potter)

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