RBS completes $1.6bn Sempra commodities sale

2nd Jul 2010 08:32

Royal Bank of Scotland (RBS) has completed the sale of its metals, oil and European energy business to JP Morgan for $1.6bn (£1.1bn) in cash.The UK bank, 84%-owned by the taxpayer, first announced the sale by its RBS Sempra Commodities (RBSSC) business in February.“Along with JV partner, Sempra Energy, an active sales process is underway for RBSSC's remaining North American Power and Gas, and Sempra Energy Solutions business lines,” RBS said Friday.It’s been reported that Morgan Stanley and Jefferies are among the final bidders for RBS Sempra Commodities’ North America business.That sale could fetch about $2bn (£1.4bn).