The Swiss private bank will reportedly withdraw from the city-state by the end of this month.

Edmond de Rothschild is exiting Hong Kong more than twenty years after the bank opened its doors in the city-state as it seeks to explore other opportunities throughout Asia while refocusing its asset management arm on the European market.

The Geneva-based money manager confirmed the closure of its Hong Kong business in a statement this week.

“Edmond de Rothschild reiterates its commitment to continue exploiting the growth opportunities in Asian markets through selective strategic partnerships with leaders in the region, such as SMBC Nikko Securities and Samsung Asset Management,” the Swiss private bank said, adding: “It also reflects a wider strategy to offer its international clients the best of class asset management and private banking expertise from the European market.”

The bank has already surrendered its Chinese operating licence and will run its Japan and Korea operations through its Swiss head office, three people familiar with the matter, who declined to be named, reportedly told Reuters.

Two of the anonymous sources said Edmond de Rothschild's Hong Kong branch will close by the end of this month with its asset management arm, which was established in the former British territory in 2007, also shutting shop.

This publication has contacted Hong Kong's financial watchdogs, the Hong Kong Monetary Authority and the Securities and Futures Commission, to confirm whether Edmond de Rothschild has surrendered its licence and will update coverage accordingly.