Off The Wire
UPDATE 1-Commerzbank to close physical precious metals business - source
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)