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Published on Gold Anti-Trust Action Committee (http://gata.org)

Goldman, Sumitomo, ANZ, and two Chinese banks said bidding for ScotiaMocatta

By cpowell
Created 2017-11-28 23:24

Goldman Sachs among bidders for Scotiabank's metals unit: sources

By Peter Hobson and Clara Denina
Reuters
Tuesday, November 28, 2017

LONDON -- Goldman Sachs Group is among around five bidders for ScotiaMocatta, the metals trading arm of Canada's Bank of Nova Scotia, for which it is seeking up to $1 billion, sources with knowledge of the matter told Reuters.

Scotiabank began a review of its ScotiaMocatta metals business in 2016 following a string of lawsuits related to the manipulation of gold and silver price benchmarks and due to dissatisfaction over its performance, sources said.

It has since hired JPMorgan in New York to help with the sale process, with the aim of completion before the end of March 2018, they added.

The bulk of ScotiaMocatta's business is in precious metals and it is one of five banks that clear bullion in London's $5 trillion a year gold market, the world's biggest. ...

Two of the sources said other bidders included Japanese trading house Sumitomo and Australian bank ANZ (Australia and New Zealand Banking Group). The unit also attracted the interest of two Chinese banks, they said. ...

... For the remainder of the report:

https://www.reuters.com/article/us-bank-nova-divestiture-goldman-sachs/g... [1]



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