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Scotiabank drops 348-year-old Mocatta name in metals unit revamp
By Doug Alexander
Thursday, January 17, 2019
ScotiaMocatta is no more, at least in name.
Bank of Nova Scotia is dropping the "Mocatta" moniker from its metals-trading business, shedding the last vestiges of a firm dating back nearly 350 years as the Canadian owner absorbs the platform into its capital-markets division.
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It's an end of an era that began in 1671 when Moses Mocatta opened an account with one of London's most famous goldsmith bankers, Edward Backwell. Mocatta and his descendants would go on to build what became one of the world's largest metals-trading businesses and the oldest member of London's bullion market. The firm has long participated in the London gold auction, where an industry benchmark price is set twice a day.
Scotiabank came onto the scene in 1997 when it bought the Mocatta Bullion and Base Metals unit from Standard Chartered for $26 million and renamed it ScotiaMocatta. The Toronto-based bank gained a business with 180 employees and 10 offices worldwide, including in New York, London, New Delhi, Hong Kong, Shanghai, and Singapore. ...
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