By Cristina Roca

UniCredit SpA will stop offering banking services to Asia-Pacific subsidiaries of its European clients as part of a strategic push to streamline its international business, it said in a statement Wednesday.

As a result of the move, UniCredit will close down its Tokyo, Shanghai and Singapore offices, as well as representative offices in Seoul, Hanoi and Mumbai, a person familiar with the matter told The Wall Street Journal. It didn't say how many employees would be affected by the move.

"UniCredit will continue to support Asian corporate and [fixed income] customers in their investments and business in Europe," the Italian bank said.

The reduction of UniCredit's Asia footprint, first reported by Reuters on Tuesday evening, is part of the bank's new strategy to simplify and regroup the bank's operations.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

January 19, 2022 04:21 ET (09:21 GMT)

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