SocGen Shuts Singapore Trade Commodity Desk After Hin Leong
- Bank intends to keep its local middle and back office teams
- Big Asian trading clients now handled from Hong Kong office
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Societe Generale SA is closing its trade commodity finance unit in Singapore after the collapse of Hin Leong Trading (Pte) Ltd. prompted the bank to halt fresh funding to such firms in the region.
The bank is dismissing all front office staff dealing with transactions, while still keeping some administrative workers, people with knowledge of the matter said, asking not to be named because the matter is private. Large Asian commodities trading clients with operations in Singapore will now be handled by Hong Kong, the people said. SocGen is cutting ties with Singapore-based small and medium commodities trading firms.