Citi buys Credit Suisse commodity trading books

Deal includes most of Swiss bank’s energy and metals positions

citi-canary-wharf
Citi, London

Citi has clinched a deal to acquire a number of Credit Suisse's commodity trading books, boosting the global penetration of the US bank's commodities business at a time when the Swiss bank is winding down its activities in energy and metals markets, sources say.

The deal, quietly reached between the two banks earlier this month, is said to include Credit Suisse's base and precious metals, coal, iron ore, freight, crude oil, oil products and US and European natural gas books. The transaction did