for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

ICBC Standard aborts plan to shut base metals unit

SINGAPORE/LONDON, Dec 20 (Reuters) - ICBC Standard Bank has abandoned proposals to shut its base metals business and instead plans to merge it with the precious metals unit to cut costs, the bank told Reuters in an emailed statement.

The bank, a joint venture between Industrial and Commercial Bank of China and Africa’s largest lender Standard Bank, is a major participant in base metals markets globally.

It is restructuring after posting a net loss of almost $130 million in first-half 2019 and in early November mooted the idea of cutting jobs and shutting its base metals trading and equities businesses.

Breakingviews

Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.


Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up