Japan's Sumitomo Mitsui Trust Bank to close Hong Kong branch, Bloomberg News says

July 4 (Reuters) - One of Japan's top trust banks, Sumitomo Mitsui Trust Bank (SMTB), plans to shutter its Hong Kong branch by June next year and move most client operations to the Singapore office, Bloomberg News said on Friday.

The Hong Kong branch, which manages corporate, shipping, and aviation lending, has battled rising competition from foreign banks in recent years, making for a tougher business environment, it added, citing people familiar with the matter.

SMTB could not be immediately reached for comment.

The Hong Kong branch was launched in 2013 to target non-Japanese clients.

The bank will continue to operate a separate Hong Kong subsidiary focused on investment advisory to fill demand for asset management services, the report said.