(Nov 10): ICBC Standard Bank, a venture between the biggest lenders in China and Africa, will close its base metals and equities businesses because of poor performance and difficult market conditions.
The changes will affect 150 jobs and will take place in the first half of 2020, according to a statement from the London-based lender. The bank will keep other businesses, including precious metals and energy, and the decision is subject to shareholder approval.
“We are addressing our cost base and are taking measures against a backdrop of continuing unfavourable market conditions to ensure a position of long-term, sustainable strength,” said Chief Executive Officer Wenbin Wang. “If the closures are approved, we will work on an orderly wind down of client positions.”