March 4 (Bloomberg) -- Standard Chartered Plc, U.K.’s second-largest bank by market value, said “strong” commodity hedging demand from companies will help triple its clients this year and may spur hiring.
The number of customers wanting commodity-hedging services tripled last year, and could show the same level of growth this year, Vincent Van Pelt, the head of global equities and commodities at the bank, said today in an interview in Hong Kong.
“As the market becomes more volatile that also increases the business in terms of commodity hedging,” Pelt said. “We’re seeing a lot of growth.”
The Reuters/Jefferies CRB Index of 19 commodities this year fell to the lowest level since June 2002, as the global recession crimped demand from carmakers and builders. The price collapse has cut off cash flow and forced producers to seek Chinese investments and secure sale prices for future output.
The London-based bank added about 20 people, including in China, Hong Kong and Singapore, in its commodity business last year and will consider hiring more staff to meet hedging demand, Pelt and Sean Mulhearn, global head of commodity derivatives, said at the same interview. more...
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