The Swiss private bank has confirmed to Hong Kong's financial watchdog that it has not yet begun the application process to surrender its licence there.

Edmond de Rothschild is yet to surrender its Hong Kong operating licence and will not shut shop in the city-state by the end of December as previously reported by multiple news services, the chief executive of its Hong Kong branch has confirmed to this publication.

The Geneva-based money manager yesterday confirmed that it will close its Hong Kong business as it seeks to explore other opportunities throughout Asia while refocusing its asset management arm on the European market. However, the bank, which opened its doors in the former British territory more than 20 years ago, did not specify when it will cease operations there.

Nonetheless, numerous news services cited anonymous sources who claimed the bank had already surrendered its Hong Kong licence and will subsequently close the branch there by the end of this month.

“Contrary to some media reports, the branch has not begun the application process to relinquish its banking license and it will not cease operations by the end of December this year,” said Jing Zhang Brogle, chief executive of the Hong Kong branch in a memo to the Hong Kong Monetary Authority. He added: “However, our commitment to the investment and wealth management needs of our clients continues to be our highest priority. We will inform our clients immediately and with transparency, the processes involved and the options available to them over the coming months.”

This publication will continue to monitor this case closely and will update news coverage accordingly.