Banco Santander (SAN) overhauled its Asia-Pacific corporate and investment banking business, removing its top banker in Beijing, tightening employee oversight and cutting staff perks as part of a cost-cutting drive, the Financial Times reported Wednesday.

According to the report, the lender is shifting its regional growth focus toward Southeast Asia, Japan and South Korea while continuing to operate in Hong Kong and mainland China.

Santander is expected to appoint a new China head in the coming weeks, the report added.

Banco Santander did not immediately respond to requests for comment from MT Newswires.

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