Citigroup said buys bulk of C Suisse metals and energy book

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Citigroup bought the bulk of Credit Suisse’s commodities business, continuing an expansion into a market as its biggest rivals retreat, according to two people briefed on the transaction.

Bloomberg News reports that the purchase includes positions in base and precious metals, iron ore, coal, crude oil and oil products, U.S. and European natural gas, and freight, said the people, who asked for anonymity because the deal hasn’t been made public.

Employees won’t change firms as a result, said the people, who didn’t provide details about the terms of the transaction.

Five years after selling its Phibro energy-trading unit, Citigroup has reasserted itself in commodities amid a pullback by banks including JPMorgan and Goldman Sachs. Regulatory scrutiny has mounted, with the Federal Reserve warning last month that it may impose new restrictions as lawmakers question whether banks’ role in the markets could threaten financial stability.

To access the complete Bloomberg News article hit the link below:

Citigroup Said to Buy Credit Suisse Energy, Metals Trading Book

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