Scotiabank to scrap half its metals business
By GCRU Gold News on Thursday, June 7 2018, 00:49 - Permalink
Canada’s Bank of Nova Scotia (Scotiabank) is limiting lending by its ScotiaMocatta metals unit as it embarks on a radical restructuring likely to halve the size of the business, sources familiar with the matter said.
Mocatta is the largest financier of the global precious metals supply chain, accounting for some 15-20 percent of lending to clients ranging from refiners and jewelers to carmakers and petrochemicals producers, industry sources say.
Those sources place the value of its leases, credit lines and consignment lending of precious metal at $8 billion.