RBS sells commodities division to JP Morgan
UK bank confirms £1.1bn deal for Sempra Commodities
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
The transaction has received approval from international
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
The firm has 13,800 employees and serves around 29 million