Make Kitco Your Homepage

UPDATE 1-Commerzbank to close physical precious metals business - source

Kitco News

(Adds background)

LONDON, May 18 (Reuters) - Commerzbank is to close its physical precious metals business in the next year, a source with direct knowledge of the matter said on Thursday.

The businesses that will be discontinued by Germany's second-biggest listed bank include physical precious metals trading and related services, the source said.

"The trading in physical precious metals and related activities comprising refinery services, vaulting and transportation of precious metals will be terminated within the next year," the source said.

Commerzbank had no comment to make on the matter.

No decision has been made over jobs, the source said, with some employees within the business potentially moving internally.

The physical precious metals business is largely based in Luxembourg, where a team of seven is headed by managing director for Luxembourg Adrien Biondi. The bank also has a precious metals trading desk in Singapore.

No change is expected to the bank's unallocated products business, the source added.

The bank has recently restructured its investment banking operations, which have been folded into its corporate bank.


(Reporting by Jan Harvey,; additional reporting by Arno Shuetze in Frankfurt; editing by Jason Neely and Ed Osmond)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
100 oz Silver Bars