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Scotiabank to shutter metals business

Scotiabank is to close its metals business by early 2021, Reuters reported on Tuesday, citing two sources familiar with the matter.
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Scotiabank's Scotia Tower on West Georgia Street in downtown Vancouver, Canada

Staff reporter

"Scotia had a global call with all its metals staff and said it was shutting down its metals business," said one of the sources, according to the news agency.

Around 15 people work in Scotia's metals team, with three-quarters in precious metals and the remainder in industrial metals, said Reuters.

Some staff will be kept on as the business is wound down, while others will be made redundant, said Reuters.

Scotiabank put its gold business up for sale in 2017 in the wake of a scandal surrounding Elemental, a precious metals refinery in Texas, the Financial Times reported, with Chinese buyers rumoured to be key targets for the aquisition.