By Florence Tan and Pratima Desai
By Florence Tan and Pratima Desai
SINGAPORE/LONDON, Dec 20 (Reuters) – ICBC Normal Financial institution SBKJLS.UL has deserted proposals to close its base metals enterprise and as an alternative plans to merge it with the valuable metals unit to chop prices, the financial institution informed Reuters in an emailed assertion.
The financial institution, a three way partnership between Industrial and Business Financial institution of China 601398.SS and Africa’s largest lender Normal Financial institution SBKJ.J, is a significant participant in base metals markets globally.
It’s restructuring after posting a internet lack of nearly $130 million in first-half 2019 and in early November mooted the thought of slicing jobs and shutting its base metals buying and selling and equities companies.
(Reporting by Florence Tan in Singapore and Pratima Desai in London; Further reporting by Melanie Burton in Melbourne, Mai Nguyen in Singapore and Cheng Leng in Beijing; Modifying by Kenneth Maxwell and Edmund Blair)
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