Citi acquires Texas power trading book from Barclays
US bank continues aggressive push into commodities by buying Barclays’ Texas power book, after similar purchases of trading books from Deutsche Bank and Credit Suisse last year
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
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