JP Morgan has acquired RBS Sempra Commodities' global oil, global metals, including Henry Bath, global coal and European power, gas and non-US emissions assets for $1.6bn.
The assets of RBS Sempra will be integrated into JP Morgan’s existing global commodities business, which are likely to enhance its commodities offering led by Blythe Masters.
The combined platform will give JP Morgan physical access to new markets around the world, with 26 locations in more than 10 countries, and more than 130 storage and warehousing facilities.
Following the acquisition, JP Morgan is likely to double the number of corporate clients it can serve across numerous asset classes.
Jes Staley, CEO of investment bank at JP Morgan, said: “This acquisition extensively expands our global commodities capabilities, enabling us to extend our reach in the commodities space dramatically. This addition is a great fit for our business as it helps us further serve our clients.”
Blythe Masters, head of global commodities at JP Morgan, said: “We are fortunate to welcome the talented employees of RBS Sempra Commodities to JP Morgan today. With their deep market knowledge and expertise, they complement the team at JP Morgan and will provide a powerful competitive advantage as we extend our Commodities business globally.”