In light of low demand and its increased focus on the Nordics, Danske Bank is closing its office in China.
Opened in 2016 and staffed by two employees, the office was intended to serve as a platform to set up a branch.
The Danish bank planned to support customers with, among other things, market analysis and advice for those wanting to gain a foothold in the Chinese market.
But it confirmed on 15 October that the office is now closed to customer enquiries.
Danske Bank added that “relatively few customers have used the Beijing representative office” since it was set up.
“The decision supports our ambition to create a simpler and more efficient bank.”