LONDON, May 18 (Reuters) - Commerzbank is to close its physical precious metals business in the next year, a source with direct knowledge of the matter said on Thursday.
The business that will be closed includes physical precious metals trading, and related activities including refinery services, vaulting and transportation of precious metals, the source said. The team is largely based in Luxembourg.
No change is expected to its unallocated products business, the source added.
Commerzbank had no comment to make on the matter. (Reporting by Jan Harvey; editing by Jason Neely)