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London - Standard Bank Group [JSE:SBK] is expanding its bulk commodities team in Singapore with three new hires that will focus on steel and steel raw materials trading, it said on Thursday.
Africa’s biggest bank by assets has appointed Cargill’s former head of steel raw materials business, Carene Teo, as head of the steel complex. It has also hired former Cargill traders Cheam Dar Shyh and Frankie Khor, who are steel and steel raw materials specialists.
The bank had previously appointed Damon Buckley, a former Deutsche Bank and BHP Billiton employee, to head its physical iron ore business in Singapore.
Standard Bank has been trading physical steel products such as billet and scrap for about two years.
Its physical iron ore trading has gained momentum in the last 12 months with two multi-million tonne long-term iron ore offtakes. The bank said it also traded over 2 million tonnes of physical coal from South Africa in 2011.
It started to trade iron ore swaps last year and is an active participant in various steel derivatives markets.
Africa’s biggest bank by assets has appointed Cargill’s former head of steel raw materials business, Carene Teo, as head of the steel complex. It has also hired former Cargill traders Cheam Dar Shyh and Frankie Khor, who are steel and steel raw materials specialists.
The bank had previously appointed Damon Buckley, a former Deutsche Bank and BHP Billiton employee, to head its physical iron ore business in Singapore.
Standard Bank has been trading physical steel products such as billet and scrap for about two years.
Its physical iron ore trading has gained momentum in the last 12 months with two multi-million tonne long-term iron ore offtakes. The bank said it also traded over 2 million tonnes of physical coal from South Africa in 2011.
It started to trade iron ore swaps last year and is an active participant in various steel derivatives markets.
