Norges Bank Investment Management to close Shanghai office
Norges Bank Investment Management has initiated a process to close the representative office in Shanghai. Its investments in China remain unchanged.
“Our representative office in Shanghai has been in operation since November 2007. We currently have eight people at the office. Over the years, our Singapore office has increasingly served as the hub for the whole of the Asian region and has been built up to take care of all operational functions, including for China. Effectively, the decision to close the office in Shanghai is therefore only an adjustment of our operating business model,” said the firm in a statement.
As of end of 2022, Norges Bank Investment Management invested in approximately 850 Chinese companies with a total value of approximately $42 billion.