ICBC Standard Bank plans to close down its base metals trading unit in the first half of 2020 amid unfavorable market conditions, the bank said on Friday November 8.
"Like any prudent business, we are addressing our cost base and are taking measures against a backdrop of continuing unfavorable market conditions to ensure a position of long-term, sustainable strength," a spokesperson for ICBC Standard Bank said. "As a result, ICBC Standard Bank is evaluating its base metals and equities businesses in order to simplify its structure. We are...