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Financials

CORRECTED (OFFICIAL)-Societe Generale resigns as London gold and silver market maker

(Amends story after SocGen corrects its statement that it made markets only in gold)

LONDON, April 30 (Reuters) - The London Bullion Market Association (LBMA) said Societe Generale had resigned as a market maker for gold and silver, as France’s third-largest bank pushes ahead with a downsizing of its commodities business.

SocGen said this month it would cut 1,600 jobs to boost profits after poor performance last year and exit over-the-counter commodities trading.

SocGen declined to comment on its resignation.

In over-the-counter trading deals are done bilaterally between banks and brokers rather than on a financial exchange. London is the world’s largest over-the-counter gold trading hub, overseen by the LBMA.

Market makers commit to provide liquidity to the market. SocGen’s exit leaves 12 LBMA market-making banks including JPMorgan, HSBC and BNP Paribas.

Reporting by Peter Hobson; editing by Veronica Brown and Dale Hudson

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