Bank of China Ltd.’s investment bank unit hired five traders for energy and base metals in Singapore, according to two people with direct knowledge of the matter.
China’s third largest bank is set to start commodities trading in the Southeast Asian nation in July, said the people, who declined to be identified because the information is confidential. Three of the employees will deal in fuel oil, gasoil and naphtha, and the other two will trade metals, they said. Nobody answered four calls to the Beijing-based bank’s press office.
The investment banking unit, known as BOC International Holdings Ltd., started its global commodity business in 2011 and made a profit in its first year, Bank of China said in its annual report.
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