May 17, 2019 / 12:54 PM / 5 days ago

ICBC Standard Bank closes Tokyo metals branch

LONDON (Reuters) - ICBC Standard Bank said on Friday it would close its metals branch in Tokyo this year and move the business to hub offices in London and Singapore.

The closure of the office, which employed eight people in total, including two metals trading and sales staff, comes after the bank closed its metals desk in Dubai and slimmed down in New York in recent years, the bank said.

“We will be closing the Tokyo branch by the end of 2019,” it said in a statement.

“This decision was made in line with ICBC Standard Bank’s regional strategy to consolidate and focus resources to provide clients with a more integrated offering with the Bank and ICBC.”

Majority owned by Industrial Commercial Bank of China (ICBC), ICBC Standard has expanded in metals in recent years, becoming one of London’s few precious metals clearing and vaulting banks.

It has around two dozen metals trading and sales staff around the world.

Reporting by Peter Hobson; Editing by Elaine Hardcastle

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