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HSBC consolidates gold trading in Sydney

HSBC consolidates gold trading in Sydney

(Australia) - HSBC Bank USA will consolidate its global gold trading operation in Sydney by the end of September, the bank announced this week. The move, in line with the bank's move towards single trading hubs, will see the closure of the trading units Hong Kong office, which employs four people.

The gold unit was formerly part of the New York-based Republic Bank, acquired by HSBC in 1999.

The gold business involved the trading and physical delivery of gold on consignment.

The HSBC unit is also one of three foreign banks with a consignment deal with the People's Bank of China.
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