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Rabobank Closing Commodity Lending Offices in Cost-Cutting Bid

  • Bank to shutter London, Shanghai and Sydney operations: memo
  • Move follows pullback from other European banks including BNP

Rabobank Group is closing three of its trade and commodity finance offices, marking the latest blow to an industry still reeling from a series of frauds and defaults.

The Dutch lender, best known for financing agricultural traders, will shutter operations in London, Shanghai and Sydney, Jasper van Schaik, global head of trade and commodity finance, said in a memo seen by Bloomberg. Wholesale banking activities at these locations won’t be affected, according to the memo sent to clients. Rabobank said in a separate statement that it’s still reviewing a proposal to centralize its European trade and commodity finance operations from London to Utrecht.