Standard Bank has appointed Damon Buckley, a former Deutsche Bank employee, to head its new physical iron ore business in Singapore, a senior industry source told Reuters on Friday.

Buckley will head the bank's Singapore iron ore operations from December 1, the source added.

Standard Bank started to trade iron ore swaps this year, chiefly as an add-on to its expanding physical iron ore business, and this derivatives activity is attracting ever more customer interest.

The bank's public relations officer was unavailable for comment.