RBS completes sale of Sempra to JP Morgan
ROYAL Bank of Scotland (RBS) has completed the sale of its metals, oil and European energy business RBS Sempra Commodities to US bank JP Morgan in a $1.6bn (£1.1bn) deal.
RBS was ordered by the European Commission last year to sell offload assets after being bailed out by the UK government.
The bank was also ordered to sell hundreds of branches across the UK.
Last month, Spanish bank Santander submitted an offer to buy its Williams & Glyn’s subsidiary.
RBS is 84 per cent owned by the taxpayer.
Chief executive of JP Morgan’s investment banking division Jes Staley said: “This acquisition extensively expands our global commodities capabilities, enabling us to extend our reach in the commodities space dramatically.
“This addition is a great fit for our business as it helps us further serve our clients.”