A shake-up in commodity trading is possible in the coming months, as Royal Bank of Scotland will be forced by EU competition authorities to sell its stake in RBS Sempra Commodities, its joint venture with Sempra Energy.
RBS confirmed today (Wednesday November 4) that it would have to sell the stake, along with other assets including its insurance businesses and some bank branches, to satisfy the European competition commissioner Neelie Kroes. She has been reviewing the UK government’s rescue of RBS to ensure that it does not constitute unfair state aid.
“It remains business as usual for RBS Sempra Commodities,” the bank told Futures and Options...