Natixis winds up Sydney office

Natixis plans to close its representative office in Sydney less than five years after it established a presence in Australia, Reuters reports.

The French bank will wind down the Sydney office by the end of March, the Financial Review reported. It is also closing down its operation in Tokyo but will retain those in Hong Kong and Singapore.

The bank has a portfolio of US$1 billion in customer loans for sale. Up 14 staff will lose their jobs.