Exclusive: Rabobank to close London, Shanghai and Sydney trade finance operations

Analysis: Bank seeks damages from BP in landmark Singapore fraud claim Rabobank plans to streamline its trade and commodity finance offering by terminating operations in London, Shanghai and Sydney, GTR can reveal. In a letter to clients sent on January 11, the Netherlands-based lender says efforts to make its trade finance offering more cost-effective have been "accelerated by rapidly changing global markets due to the Covid pandemic, trade wars and changing banking landscape". "In addition, significant fraud and default cases in our line of business, have forced us to carefully review our organisation," it says. As a result, trade and…