Saxo Bank closes Hong Kong office due to changing business environment in the region
Saxo Bank closes Hong Kong office due to changing business environment in the region
Saxo Bank has announced the closure of its Hong Kong office, citing the rapidly changing business landscape in the region. This decision marks a significant shift for the bank, which has operated in Hong Kong under the name Saxo Capital Markets HK Limited (SCMHK). As the closure process begins, the bank’s main focus will be on supporting clients through the transition period.
The company emphasized that the closure will take place in stages, with key dates provided to help clients manage their accounts effectively. Starting from September 30, 2024, SCMHK will no longer accept new account applications. Following this, on November 1, 2024, restrictions will be placed on all SCMHK accounts. While clients will still be able to close their existing positions, they will no longer be able to open new ones. Saxo Bank is urging clients to take action in advance to avoid any disruptions to their trading activities or delays in the return of their assets.
Clients are advised to take one of three key actions during this withdrawal period: close their positions, transfer their assets to another financial institution, or withdraw their funds.
Actions to Take:
- Close Existing Positions: Clients are strongly advised to close any open positions on their SCMHK accounts. Once these trades are settled, the funds can be withdrawn to the clients' designated bank accounts.
- Transfer Assets to Another Institution: For those wishing to continue holding their securities, Saxo Bank has provided the option to transfer assets to another financial institution. This can be done by requesting a securities transfer, ensuring that clients retain their investments without needing to liquidate them.
- Withdraw Funds: Clients can also choose to withdraw their funds and have them transferred back to their bank accounts. Saxo Bank recommends that clients initiate this process well before the account restrictions come into effect on November 1.
Additionally, the bank recommends that clients download and save all historical transaction records before their accounts are closed. Once SCMHK accounts are shut down, access to these transaction histories will no longer be available.
Saxo Bank highlights that the closure of its Hong Kong office is in response to regional business challenges and is part of a broader strategy to adapt to changing market conditions. The bank is committed to ensuring a smooth transition for all affected clients, offering comprehensive support throughout the offboarding process.
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