Norges Bank Investment Management (NBIM) has initiated a process to close its office in Shanghai.

The bank, which is responsible for the investments of Norway’s Government Pension Fund Global, said its investments and investment strategy in China remain unchanged. It said the decision is driven by operational considerations.

“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,” the bank stated.

“Effectively, the decision to close the office in Shanghai is therefore only an adjustment of our operating business model.”

As of end of 2022 NBIM was invested in approximately 850 Chinese companies with a total value of approximately USD 42bn.

“We will ensure that the closing process is conducted in an orderly manner for all affected persons at the office and in line with local requirements and procedures,” it said.

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