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RBS sells commodities division to JP Morgan

UK bank confirms £1.1bn deal for Sempra Commodities

02 July 2010

Royal Bank of Scotland (RBS) has confirmed the sale of its Sempra Commodities arm to JP Morgan.

The US bank has acquired the metals, oil and European energy business for £1.1 billion in a deal which was announced earlier this year.

The transaction has received approval from international regulators

RBS was ordered to get rid off assets such as Sempura by the European Commission to ensure the taxpayer-owned bank would not breach competition regulations.

Jes Staley, chief executive of JP Morgan's investment banking division, claimed the move would be beneficial for both the business and its clients.

He said: "This acquisition extensively expands our global commodities capabilities, enabling us to extend our reach in the commodities space dramatically."

In 2009, Sempra recorded revenues of more than $8 billion (£5.3 billion).

The firm has 13,800 employees and serves around 29 million consumers worldwide.

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