NEW YORK (Reuters) - Deutsche Bank has sold its global base metals trading book to Citigroup Inc, the U.S. bank’s latest move to expand its commodities trading business, according to a report by SparkSpread.
The deal is the second by Citi since Germany’s largest bank and one of the biggest financial players in commodities said it would stop trading energy, agriculture, base metals, coal and iron ore. It has retained its precious metals desk.
Citi also bought Deutsche’s U.S. power trading book in July.
Officials at Deutsche and Citi declined comment, the report said.
Reporting by Josephine Mason; Editing by Tom Brown