Goldman Sachs is among around five bidders for ScotiaMocatta, the metals trading arm of Canada’s Bank of Nova Scotia, for which it is seeking up to $1 billion (755.6 million pounds), sources with knowledge of the matter told Reuters.
The news agency reports that Scotiabank began a review of its ScotiaMocatta metals business in 2016 following a string of lawsuits related to the manipulation of gold and silver price benchmarks and due to dissatisfaction over its performance, sources said.
It has since hired JPMorgan in New York to help with the sale process, with the aim of completion before the end of March 2018, they added.
Goldman Sachs has been seeking to turn around its struggling commodities unit by hiring a number of executives after reporting the weakest commodities results in its history as a public company in the second quarter.
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