Dec 3 Latin America's largest independent
investment bank, Grupo BTG Pactual SA has applied
for a licence to run commodity trading and warehousing units in
the United States as it beefs up its physical commodity trading
business, state filings show.
BTG Pactual Commodities Warehousing (US) LLC applied to run
a registered commodities warehousing business, a filing to
Michigan's commercial licensing bureau, dated Nov. 26 showed.
The filing followed an application on Oct. 16 by BTG Pactual
Commodities (US) LLC, for the trading of physical and financial
commodities as well as registered warehousing.
Under former Noble Group chief executive Ricardo Leiman,
BTG has already this year hired more than a dozen high-profile
commodities traders in everything from energy to grains across
New York, London and Geneva as it extends a bold push into
Shon Loth, a metals warehousing export, also formerly with
Noble, joined in August in another sign of the bank's ambitions
to build into physical commodities storage.
It was also considering a bid for JPMorgan Chase & Co's
physical commodities unit, a source said in October.
JPMorgan launched the sale of the business, which includes
its crude oil, natural gas and base metals trading operations,
Commodities sales and trading operations are beginning to
have an impact on earnings, Chief Financial Officer Marcelo
Kalim said on Nov. 6 in a conference call to discuss third
He also noted that the bank could make acquisitions to grow
the commodities shop. The bank is headquartered in Sao Paulo and
controlled by billionaire financier André Esteves.