Citi acquires Texas power trading book from Barclays

Deal follows purchases of Deutsche and Credit Suisse commodity books last year

Citi, London

Citi has bought a book of Texas power transactions from Barclays, the latest in a series of deals in which the US investment bank has scooped up energy and metals books from rivals cutting back their commodities businesses.

A New York-based spokesperson for Barclays confirmed the UK bank had sold Citi a book of transactions in the market run by the Electric Reliability Council of Texas as part of Barclays' ongoing effort to divest non-core parts of its commodities business. Citi declined to comm