Citi buys commodities trading book from Credit Suisse.
Global Banking News-December 22, 2014--Citi buys commodities trading book from Credit Suisse
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Global Banking News - 22 December 2014
Citigroup (NYSE: C) has bought the commodity trading books of Credit Suisse Group AG (NYSE: CS) (ZHR: CSGN) (CSGN.VX), Reuters has reported, citing sources familiar with the matter.
Citi will buy Credit Suisse's base and precious metals, coal, iron ore, freight, crude oil, oil products and U.S. and European natural gas books, the source said. The deal does not include Credit Suisse's U.S. power trading book.
Citi has also purchased Deutsche Bank's (NYSE: DB) (DBK.DE) metals, oils and power books earlier this year.
The move comes after Credit Suisse announced in July that it was exiting commodities trading as tighter regulations and higher capital requirements hit profits. JPMorgan (NYSE: JPM), Barclays (LSE: BARC) (NYSE: BCS) and Deutsche have all shut down or cut back their natural resources operations, the report noted.
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|Publication:||Global Banking News (GBN)|
|Date:||Dec 22, 2014|
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