TOKYO - Nippon Trust Bank Ltd. said it would close its representative offices in New York and London in September.
The closures, aimed at reducing costs and improving efficiency, will leave the Tokyo-based bank with no overseas units.
But the move does not mean Nippon Trust is withdrawing from international business, a spokesman said. The representative offices gathered market information, a function that will be transferred to Japan.
With $31 billion in assets, Nippon ranks seventh among Japanese trust banks. Its profit fell 54% in the year ended March 31 because of the stock market slump and an increase in bad loans.
