RBS sells commodities arm to J.P. Morgan

RBS has completed the sale of its metals, oil and energy business to J.P. Morgan in a deal worth $1.6bn (£1.1bn).

The sale of RBS Sempra Commodities comes after the European Commission last year forced the part-nationalised bank to divest assets to offset competition concerns following its bail-out by the UK Government. J.P. Morgan said the acquisition will expand its global commodities capabilities. Separately, HSBC Holdings today said it will purchase RBS's retail and commercial banking business in India for $95m. The business comprises 31 branches with over 1,800 employees and the deal is expected to close in the first half of 2011. RBS, which is 83% owned by the British taxpayer, acquir...