Speculation continues unabated regarding the fate of RBS Sempra Commodities, which has been close to a deal to dispose of the 51% interest of the Royal Bank of Scotland (RBS) in its joint venture trading operation with San Diego-based Sempra Energy. Sempra appeared to be further away on Tuesday from making an announcement on the sale of the bank’s share, which Sempra has first-rights to obtain itself.
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‘Noise’ Continues to Surround RBS Sempra Trading Unit Sale
Speculation continues unabated regarding the fate of RBS Sempra Commodities, which has been close to a deal to dispose of the 51% interest of the Royal Bank of Scotland (RBS) in its joint venture trading operation with San Diego-based Sempra Energy. Sempra appeared to be further away on Tuesday from making an announcement on the sale of the bank’s share, which Sempra has first-rights to obtain itself.
Speculation Grows on RBS Sempra Trading Buyer
In the first week of the new year, press reports identified three leading bidders to buy the Royal Bank of Scotland’s (RBS) 51% stake in a joint venture commodities trading operation with San Diego-based Sempra Energy. As reported by NGI late last year, Sempra has said it wants to remain in the lucrative trading space while refusing to comment on the potential deals (see NGI, Dec. 14, 2009).
Speculation Grows on Possible RBS Sempra Trading Buyer
Press reports have identified three leading bidders to buy the Royal Bank of Scotland’s (RBS) 51% stake in a joint venture commodities trading operation with San Diego-based Sempra Energy. As reported by NGI late last year, Sempra has said it wants to remain in the lucrative trading space while refusing to comment on the potential deals (see Daily GPI, Dec. 14, 2009).
CEO: Sempra in Energy Trading for Long Term
Commodity trading is central to Sempra Energy’s operations, and even with the exit of joint venture (JV) trading partner Royal Bank of Scotland (RBS), the San Diego-based holding company is confident it will find a new partner, or, if necessary, bring the trading arm back into the company, CEO Donald Felsinger told financial analysts last week.
Sempra in Energy Trading for ‘Long Haul’
Commodity trading is central to Sempra Energy’s overall operations and even with the Royal Bank of Scotland’s (RBS) recently announced plans to exit a joint venture trading partnership with Sempra, the San Diego-based energy holding company is confident that it can find the right new partnership or, if necessary, take back most of the trading operations. That was part of a preliminary statement Monday from CEO Donald Felsinger before reporting increased third quarter profits on a conference call with analysts.
Royal Bank of Scotland to Divest Sempra Joint Venture
As part of its much larger restructuring with British and European Commission (EC) financial authorities, the Royal Bank of Scotland (RBS) confirmed last Tuesday that it will be divesting its interest in the fifth largest North American energy trading organization, RBS Sempra Commodities. Initial reports that this move was imminent surfaced out of the United Kingdom (UK) last Monday, and San Diego-based Sempra Energy issued a statement to clarify that any breakup would be orderly and could take several years.
RBS Confirms It Will Divest Sempra Trading Interest
As part of its much larger restructuring with British and European Commission (EC) financial authorities, the Royal Bank of Scotland (RBS) confirmed Tuesday that it will be divesting its interest in the fifth largest North American energy trading organization, RBS Sempra Commodities. Initial reports that this move was imminent surfaced out of the United Kingdom (UK) Monday, and San Diego-based Sempra Energy issued a statement to clarify that any breakup would be orderly and could take several years (see Daily GPI, Nov. 3).
RBS Sempra Commodities Unit Turns to Lehman Alums
The joint trading venture between the Royal Bank of Scotland (RBS) and San Diego-based Sempra Energy, RBS Sempra Commodities, announced two more top executive selections Tuesday, which means the successful energy and metals trading operation is now under the control of three former top executives from bankrupt Lehman Brothers.
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RBS Sempra Commodities, the joint venture energy and metals trading business of UK-based Royal Bank of Scotland (RBS) and San Diego-based Sempra Energy, hired a new CEO, Kaushik Amin, who most recently spent 14 years at Lehman Brothers where he rose to head the investment bank’s trading operations. Amin will report to Peter Nielsen, global head of markets at RBS’ global banking and markets division. Amin replaces David Messer, who resigned the RBS Sempra CEO position in late March (see Daily GPI, March 26). In the interim, Sempra CFO Mark Snell and Jeremy Wright, chief administrative officer of RBS Markets, had jointly headed the commodities trading joint venture. Amin holds a mechanical engineering degree from the Indian Institute of Technology in Mumbai, India, and a master’s degree in operations research and a Ph.D. in finance from Cornell University.