Taiwan Cooperative Bank Ltd. is planning to close its wealth management business in Hong Kong as it seeks to lower its exposure in the city, Taipei Times reported Sept. 11.

The move is aimed at helping the bank cope with a slump in its wealth management business and an increase in legal compliance costs, according to Lei Chung-dar, chairman of the lender's parent Taiwan Cooperative Financial Holding Co. Ltd.

Taiwan Business Bank Co. Ltd. and Land Bank of Taiwan Co. Ltd. have also shut down their wealth management arms in Hong Kong for similar reasons.