National Bank Shutters Institutional Equities Office in Geneva

National Bank of Canada, the nation’s sixth-largest lender by assets, closed its institutional equities office in Geneva.

“The decision was made following a periodic review of our activities,” Claude Breton, a spokesman for the Montreal-based company, said today in an e-mailed statement. The closing, which happened yesterday, resulted in the dismissals of 10 employees at the lender’s investment-banking unit, National Bank Financial, Breton said.

“The bank remains firmly committed to the ongoing development of its European business, most notably through our London office with institutional client trading and corporate financing and in Paris for banking activities,” he said.

The Globe and Mail’s Streetwise blog reported on the closing earlier today.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net; Christine Harper at charper@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.