Chuo Trust & Banking Co. is considering withdrawing from most of its overseas operations to aid restructuring, a spokesman for the bank said Wednesday. However, the move is still being discussed and no decision has been made, he said.
Japanese banks have recently been cutting back on overseas operations to improve their financial health.
Chuo Trust is thinking of closing its three overseas branches — New York, London and Hong Kong — and its Hong Kong subsidiary. Remaining open would be Chuo Trust International Ltd., the bank’s London subsidiary, which conducts asset management operations.
The fate of Chuo’s representative office in Beijing, is undecided.
The bank is contemplating focusing on domestic banking operations to improve profitability, the spokesman said.